If you followed all instructions indicated in the documentation (Layer slider Usage section) but still can't get it works, you need to check the "Home" page.
It should be set as the "Front-Page" in Parent (Page Attributes section).
Changing the color of the navigation bar, I have tried the color options but nothing has changed this.
The theme doesn't have the option to change the color of the navigation bar, if you will check carefully the area has options to change headings and text colors. But you can change the color in code. Please open theme.css file to find the line 124:
box-shadow:0 2px 2px rgba(0,0,0,0.06);
I don't really need the footer parallax section so wondered if this can be removed?
Please go to WP-admin-> Palette theme settings-> View options-> Footer Widget Area.
Is it possible to reduce the padding go2page arrows?
Please make the change in theme.css file. Please find the line 1249
background:url(../img/palette_icons.png) no-repeat -144px 0;
margin:0 auto 36px auto;