Is the Lambda Control primarily for preventing lean running & preventing engine damage or to try and maintain the requested AFR?
Yes
MLHFM is volts to air mass, I haven't changed the MAF sensor or housing so should I need to change this?
No.
KRKTE can be calculated, I'm using 0.05927 for 550cc injectors?
Don't know offhand. But assuming you did not change intake or MAF, you should be able to get within 15% (non-idle) with only krkte adjustments.
If you cannot, or the KRKTE is way off expected, you have a hardware problem (leak, bad maf, fpr, bad pump, clogged injector, leaking injector, leaking rail, etc).
Easiest diag is put krkte/tvub to stock, put in stock injectors, and see results.