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Yes, you can modify the maximum length of the content in the custom field via the configuration page.
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Do I need to create a custom field to display the last comment?
Yes, you need to create a custom field of type: Last Comment and add it to the appropriate screens in order to view the last comment in a custom field.
I think I found a bug. What do I do?
Please report all bugs at: https://capitalplugins.atlassian.net/browse/LCCF