Caliper alignment is what gets me most of the time and I find it to always be a little tricky to get right. It's easy enough to get the pads to not touch the rotor but if the pads are not exactly parallel to the rotor then the brakes will feel weak unless you set the pads so close that rubbing is an issue. The best way I've found to get the alignment right is to:
- Make sure the wheel is aligned properly in the dropouts and the skewer is as tight as you normally ride it.
- Get into a position where you can look through the caliper and see the gaps between the pads and the rotor.
- Put something nice and bright, a well lit white sheet of paper works well, on the opposite side of the caliper to make the gaps really easy to see. That is key to getting this right.
- Loosen the caliper bolts just enough that the caliper can be moved easily by hand, not so loose that it's jiggling around, just enough to be shifted in all dimensions.
- Now shift the caliper around until you can see that the pads are parallel to the rotor and then tighten the bolts.
- Spin the wheel slowly and see if the rotor is warped, if it is then use a monkey wrench to true it up with some gentle bending, it's easy enough to do by hand as well.
- Once you have the caliper aligned pretty well you may find the gaps between the pad and the rotor is pretty wide now so adjust them closer and repeat the alignment process if necessary.
I used to use the loosen bolts, squeeze brakes, tighten bolts method but found that being a bit more careful using the process above makes a huge difference in getting rid of rub and improving braking force.
Also, BB7's are great when they are setup right, you can't really beat them for the balance between cost/performance/durability.