What Game(s)?
I like to go through and set all of them individually.
No EB, Free play, No game restart, no lost ball recovery, Hard rules, etc..
just run through the adjustments, change what you want.

depends on game.. but usually focuses only on removing random elements or making them consistent across players. Things like EB normally are still handled by their own setting.. not tourny.

First off, you've picked about the worst two Stern titles for a tournament. Way too long of ball times. If you jack them up and remove the outlane posts to speed them up, they won't be fun. Too hard to start modes. So unless you want to watch the sun come back up, I would suggest switching one or both games. Both great games, but not for tournament play.

That said, in standard settings on most any Stern, you want to set competition mode to yes and set extra ball limit to no extra balls. Competition mode is different than the player competition mode. Do NOT enable player competition. It's for use on location (hold the left flipper, hit the start button) and will confuse/delay things at a tournament. You also want to enable coin door ball saver, also in standard setting. This will allow you to retrieve stuck balls without ending a ball. Retrieve ball, put it in the shooter land and advise the player that the ball will autoplunge when you close the coin door (be ready!). I also enable 10 character initials and generally reset high scores, but not necessary. Enabling team scoring when it's not needed can make it a little harder for scorekeepers, but encourages side bets when playing four player games.

If you do use either of those games, you need to jack them up and remove outlane posts. Shoot for ~2 1/2 minutes average game time (< 1 minute average ball time) and adjust accordingly. That may sound low, but not all your players will be epic players. I've never heard a preferred setting for the outlane posts on the right side of TSPP. If you do replace one game, I'd recommend replacing TSPP. I believe feature settings are okay on TSPP. PAPA has suggestions for LOTR feature settings.

http://papa.org/competitive/directors/game-notes/

The tournament setting (competition mode) does that. Different games award different amounts of points for collecting the EB. You don't want to disable it and you don't want to confuse actual EB's with virtual EB's (points). Can't really do that anyway. You may be able to turn off points for an EB, but I don't recommend that. The software designers typically value the EB points fairly, to keep it a legitimate goal. 500k seems to be a popular choice (for Stern's), although one or two give out 1M. As a tournament director (or setup guy), you may choose to put a note on the apron showing the value of an EB. Your players will appreciate it.

Knowing how much an EB is worth and how hard it is to light is something you want to think about before stepping up to play a tournament game. You'll want to weigh the risk vs reward. If possible, watch others playing first to see if they're going for the EB.