Just do a general inspection; make sure nothing has vibrated loose and ensure all connectors are fully seated, look for any wiring that might be subject to getting caught in a mech., rubbing against something, or being pinched, clean both sides of the glass, level the machine (place level on center of playfield, not glass or cabinet), use >= 91% IPA or denatured ethanol to clean the oil off pinballs, ensure all zip-ties and other shipping fasteners/materials are removed from playfield objects, and put everything together as per the setup instructions.
Quoted from manadams:
If you have a Stern, turn your trough kick out power down to 180 or lower, this will prevent clearcoat chipping/excessive wear in that area. Should be under game adjustments menu.
As for initial adjustments, I’d leave the game and feature adjustments alone initially; the one thing I would definitely do is to reduce the eject power down to 180 or less (175 works for me) and turn the slingshot power down to about 18 (a reasonable starting point to minimize airballs shooting into the outlanes - you can tweak up or down from here to maximize action/minimize airballs once you play). After playing a few games you will get a good idea about adjusting the power of other mechs, especially VUKs. I also like to dial back the GI and insert intensity a little for enhanced contrast and “mood”, depending on the game.
As for waxing, it’s a controversial subject. Personally I don’t usually bother, as I set my games up to play fairly fast anyway, and given that I am meticulous about replacing balls, deteriorating rubber, and keeping playfields clean, I don’t feel the tedium of the additional step of properly doing a wax job is worth the effort in my situation where games only get played a handful of times per week on average. For a new pin, you might just give the playfield a quick blast or two of canned air to knock off any residual factory/shipping dust and displace any lingering scraps of packing material/random flotsam that might be hanging out.
That’s about it; now play the hell out of it and tweak the settings as you go to match your preferences.