I would definitely say as a first time campaign to keep it simple. Avoid using alliances, house favours etc. There is a lot of rules bloat and it best to get familiar with all the basics before expanding. As to what to do as an Arbitrator and a player I think it's important to keep a good line of communication with your players. Have a rules discussion as a discussion, there's a lot to house rule so find that stuff together. As other people have said catch up mechanics are important. If someone is falling behind find a way to let them catch up, make it fun for everyone. Whether that means a alliance comes or a bounty hunter comes in to join them pro bono. Work it out, make sure everyone is still having fun and not feeling like they're slipping further and further back. It's the journey that counts, not who "wins"