You really need to take it to someone for a setup, this gives you piece of mind as well.

Emissions problems are normally always down to bad setups, I don't know on FRST but there should be a way of adjusting the CO, something that you can't do without an exhaust gas analyzer, first thing you need to do is find out what chip you have.

A worn clutch will just slip, I.E engine speed will increase but road speed will not, it is especially noticable when going up hills, this doesen't sound like your problem.

Martin