I finally fixed the leaky tank problem that I had. I needed to use a different rubber gasket between the tank and bowl and I also needed a second set of rubber washers both inside the tank and outside the tank to go with the tank to bowl bolts.

I now have a new problem. The universal fluidmaster flapper that I installed (came as part of a kit) closes far too quickly regardless of what setting I have it on (numbered 1 through 9). Is this flapper just a piece of crap and I need a new one or did I do something wrong? I adjusted the chain link to just about every link from very tight to 1/2 inch of slack and it always closes too fast not allowing a full flush.

Also, it appears that I may need a new wax ring... could this possibly affect the power of the flush or the amount of time the flapper remains open?

The FluidMaster Flapper, (see image) has a ring on it that must be cut off if you have hooks on the flush valve. Here's how to adjust the flapper.
With the flapper seated the linkage wants to have 1/4" of play. Too much play and the flapper doesn't get pulled back enough giving you a short flush. Too tight and it lets water seep past the flapper. I adjust the chain by the link and if it needs fine tuning, I bend the flush lever rod a bit untill I have the desired play in the linkage. One more thing about a flapper. you will see where the old flapper hooks onto the base of the white overflow tube. On a older type with no hooks the flapper has a ring that slips down over the overflow tube to the seat. If your tank has hooks, take a sharp knife or scissors and cut the neoprene ring off on the marks provided and hook the flapper on the hooks. Leaving the ring on will interfere with the flush. The water level in your tank should be 3/8 to 1/2" below the top of the overflow tube when the tank's filled.
Good luck, Tom

Unless I am really stupid and can't see... this fluidmaster flapper does NOT have a ring that goes on the overflow tube. It just has the hooks. It is the type that has a dial numbered 1-9 for strength of flush. However, no setting on this dial is effective for a full flush as the flapper always closes too soon.

Look closely at Tom's oic. You can see the ring and your hocks. The ring can be optional and discarded if not needed in your application. Inspect the inside of float to be sure there isn't anything preventing from floating.

You indeed have a ring on your flapper and if you will read the instructions; Fluidmaster | Products| Flush - Bull's Eye® Flapper (500) you will find the instructions on how to install and adjust your flapper. Just click on the link and then click on the installation instructions. Good luck, Tom