The pressure in the suspension units affects the ride height.
Too much pressure will make the suspension ride too high and the result will be skipping on washboards in a turn.
Too little pressure when loaded will allow the suspension to pound the bottoming stop which can damage the shock and damage the top of the fenderwell where the shock is anchored.
When the right amount of air is in the suspension unit for the load at hand, you should be able to raise the trailer body 3/4 inch or so before it tries to raise the wheel.
The tire pressure you adopt will affect the tread life somewhat, with higer pressure giving greater tread life, and lower pressure giving a better ride with increased tire wear.
As said earlier, low pressure makes the tires run warmer but so does hit asphalt. Your trailer will be happier with lower pressure but your tires and your fuel mileage will be happier with higher pressure.
High ply count tires will run hotter at low pressure than low ply count tires. It is not a good idea to allow the siewalls of any tire to get hot to the touch.
Hubs should never get hot to the touch. On a long trip, it is always good to feel the tires and hubs when first stopping for fuel. Both sides should feel the same. If you wait untill after fueling to feel them, other effects like the sun shining on one side will fool you.
Unless you have been braking a lot, the front tire of you bike should feel similar to the trailer tires in temperature. The back tire of the bike will be heated by the final drive and the exhaust radiant heat.
Be sure to check the cap on the suspension arm bearings. if these come off, the lubrican is soon washed out and damage will follow.
Since the Champion and Escapade suspensions are nearly identical, the above comments can be for either, relative to suspension pressure. Tire pressure comments are more or less the same for all tires designed for trailers.
All comments are only my opinion from my own experience. Your expeirience may be different.