The extra space is actually coming from the .featured-page/post widget itself. It has 30px of margin-bottom. If you decrease this, then it should be enough. Look around line 1531 or search for this –
.featuredpage .page,
.featuredpost .post {
margin: 0 0 30px;
overflow: hidden;
padding: 0;
}
….and edit the 30px to whatever you need, and see if that is enough.
For the bullet points, look around line 755 for this – #home-bottom ul li and you can make your adjustments from there. If you need more assistance with this, just create a new thread and I can help you get it setup.