It's always better to err on the side of caution of using a bit less, but making sure to check the water level and top it off. Getting rid of excess water is an exercise in frustration and compromise and often involves throwing away flavor if it's more than just slightly too soupy.
It will thicken a bit with the masa, of course (has to boil at least a bit to activate the starches that thicken it up).
Mmmm. Where is this company chili cookoff, so we know where to attend?
Same here, though it's for more research reasons. I hear of a number of chili cookoffs where beans are seen as total heresy (ie. disqualification), but EVERYONE I know around here (Arizona) puts beans in them, and so do some from other states thus leaving me eternally confused (I figure it's like BBQ, everywhere you go, the way they do it everywhere else is WRONG)