Having installed the latest Snapshot on a 1.0.1 built I am running NTP daemon on my pfSense.
The service is marked 'Running' from the status|services tab in WebGui, enabled and configured to serve the LAN.
Do I have to allow UDP Port 123 traffic on the Firewall|Rules|LAN tab to work correctly?
I can't sync any PC to it at the moment (requests time out).
Yep, you do. Check the firewall logs for blocked packets.
would I have to open up port 53 on LAN for DNS to work in my subnet?
Well, I haven't but it is working anyway! ???
Firewallrules always work for incoming traffic at an interface. You don't have to allow traffic passing out on any interface. So basically the pfSense itself is allowed always to go anywhere (in case you use the dns forwarder).