You only need to fold the tab over one (1) flat. That way the lock tap can be reused.
Best practice is to drive the car and corner hard right after initially tightening the nut. Then recheck the torque, and drive again. Once the nut stops going further. Fold over the one tab and you're done. Check the torque again when servicing the car.
To properly check the nut's torque: mark it's position, back it off a 1/4 turn and then torque it back down.
To that end, I would not use wicking loctite on the nut. The nuts don't loosen, play develops either because it was not assembled properly and the parts settle, or, the spacers collapse. Either way, you won't be able to check the nut torque easily if you have applied loctite.
