I'm guessing by slack you mean excess travel and/or an inefficient handbrake, rather than excess slack in the cable when the handbrake is down and in the

'off' position.

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.

Use Paul Woods guide in this thread:
http://www.imoc.co.uk/forums/viewtopic.php?t=4945

It's safe to ignore the endless discussion on the method

- the method is correct! And it's the only way to guarantee effective handbrake operation

(with all MR2 calipers, any year, mk1's, mk2's and mk3 roadsters

- all use the same caliper pretty much).

A lot of people try to adjust for inefficient operation by adjusting up the handbrake travel at the handbrake lever end

- but this wont really help things at all, just means less clicks to achieving the same result.

.

.

only adjust at the lever end if the cam on the brake caliper is fully retreated to it's

'rest' position when your handbrake lever is off, and does not begin to move around as you lift the handbrake lever.
