amaurice
The height of the slide is declared by this rule:
.acm-slideshow .item {
height: 960px !important;
}
you can override this and change to your desired value.
In the t4-section-1 how do you reduce the margin
In the module settings in 'section-1' position, you can open the tab 'Extra Field' in which you can setup some minor settings there, these settings also generated the CSS classes you're asking.
To adjust the padding/margin, you can override with this css rule:
#t4-section-1 {
padding-top: 0;
margin-top: 0;
}