Just got my Axe CP, sweet bird by the way, I noticed the flybar weights are all the way in towards center from the factory, will moving then outwards make it hover better or fly any different?

The weights you see actually hold the flybar in place and can't be moved, so if want more weight you need to purchase 1/16" wheel collars.
Moving them out reduces the sensitivity of the flybar and makes it easier to fly for a beginner.

So will adding a collar to each side affect typical flight patterns? Has anybody done this?

Alot of us have done this including myself. It slightly dampens or slows cyclic response. It doesn't prevent the heli from doing anything it did before. It just makes the heli a little easier to hover and fly. As you get better you can move the collars inward.

Great, thank you

the best way to make it easier to fly no matter what anyone tells you is,,,,,,,set your servo arms to swashplate closer and this will limit its movment with no extra cost to you....just get someone thats into helis to hep you,,,,you just have to set your swashplate arms up a tiny bit after,,but like i said its free.........if you look at it ,,you will see it has 3 holes and its set on the outside one,,,in return more movment,,in closer it wont move as much making it very dosile and eaiser to fly with no extra cost...

I actually went and purchased a second set of the AXE weight collars, and just put them on the Flybar right up beside the paddles. You will note that they don't sit quite straight when cranked down tight all the way, but the added weight does makes things a little smoother.

Canmore. When you moved to the inner most link did you unscrew the ball link and make a new adjustment?

I moved the servo arms closest to center. It has really calmed it down. I am recharging the batteries now and I will let you know tomorrow what I think in ff.