Since I discovered the front band adjuster laying in the pan, the front bad obviously needs readjusted. Luckily the band is not broken. My question though, is when the bands are tightened to the 72 in/lbs, should there be any wiggle room with band or should it be snug around the drum?

It has to be backed off from the 72 inch lbs.
I don't rmember the specific number of turns but I a lot of guys use 1 1/2 turns.

Well I forgot that part, so the bands would be snug against the drum then?