oilspot

I have the same gap and haven't had any problems so far.  However, I think my TM would do well with a tune-up from the factory or some other trained/experienced individual.

It doesn't sound too bad.  Don't forget there is a double seal (one on each half).

You may be able to adjust the latches to close the gap a bit, but be carefull not to overstress the catch and tear it out....  
If I get mine adjusted, I'll post what I did to correct things.