I just got mine, and it's crazy super tight. If I loosen it, will it still work OK?

I loosen all my cubes I'm a loose cube freak but yeah it should be fine, do each side a little bit at a time it might be hard to tension like mine was
-Kyle

It depends, those center cap pop off super easy to I have mine a little bit tighter, but yeah just fiddle around with the tensions, eventually you will come to what you think is correct.

If it's brand new try to solve it first breaking in makes a big difference, except if it's really tight you should really just try do solve it once.