First, with the rigging once the mast was up it seemed like there was a fair amount of "play" in the shroud lines. Is this typical? On my 470 I am used to the shroud line being pretty taught on the standing rigging.
Yes, this is typical. Rig tension is set with the jib halyard. Without the jib on the boat, the rig can be very "floppy". There are various schools of thought on rig tension while sailing. I tend to go with a looser rig, but others like to have theirs drum tight.
Second, how do I tell if the mast has a "comp tip" on it. There is a "joint" on the top of the mast but the front of the mast in that area seems like metal and the back like some sort of plastic.
A Comptip is pretty obvious. There's a joint just above the hounds (where the shrouds attach) and the top 6' of the mast is black fiberglass with a plastic sail track.
Does it matters if there isn't a "comp tip", we really don't sail anywhere with powerlines.
Since it sounds like you have it, it's a moot question. However, it's more likely you would run into powerlines on shore than you would on the water. Most people killed by hitting powerlines were stepping their mast or moving their boat around a parking lot.
Third, the person we bought it from stepped the mast with a assist device that hooks into the winch, forstay and trap lines. It seemed to work really well but A LOT of pressure seems to be put on the pin at the base of the mast the pin itself was pretty bent. I am concerned about this potentially leading to a failure. Is there a better method and do I have anything to be concerned about?
If you're going to use that system, it helps to have someone on the trampoline lift the mast a little to get it started. That way, you're not putting a lot of pressure on the pin. However, I've always found such systems to be overly complex and unneccesary for anybody in reasonable physical shape. Just hook up the shrouds, pin the mast at the mast step link, but a bearing chip in the cup of the mast step, and make sure the shrouds are clear. Stand at the rear of the tramp, pick up the mast while holding the forestay against it, then walk it up. Hand the forestay off to a buddy who's standing in front and have them pin the forestay. Remove the stepping pin and your done. No complicated rigging and it takes all of 30 seconds to accomplish.
Last, with the standing rigging the mast seemed like it was raked back pretty far. It does appear that the forestay could be adjusted more tightly. I have read various posts but I still don't get a sense as to what the rake should be on the standing rigging versus running rigging.
Like I said, rig tension and mast rake is set with the jib halyard. You can't judge the mast rake without the sails on the boat. Even so, the boat will have much more mast rake than your 470. Do you have the low-profile mainsheet system? (only two blocks - a lower triple ratchet and an upper triple)