Your understanding seems good - if you do end up with a large bucket, that could cause reducer skew and a very long run time. Increasing the bytes used for the signatures will increase the number of bands, but more importantly, for the same threshold will increase the size of each band (how many rows of hashes it includes), which will make it less likely that you get a large number of sets in the same bucket. On the other hand, it will also increase the total amount of data and computation in the system, so it may not have the performance impact you're hoping for.
Can you tell me what parameters you are using? Unless you're using a very low threshold or very small signatures, it should already be pretty unlikely that you get a large single bucket unless you have a large number of very similar sets (in which case changing the parameters won't help). This is especially likely in practice when you have a large number of empty sets (which are all identical), or a large number of sets with the same, single item (again, all identical). Those are all going to fall into the same bucket no matter what you do, and a better strategy is to filter them out right at the beginning if you can. (Yes, it would be nice to make the algorithm more robust to this in general, and I'd be curious to hear if anyone has any suggestions for that).
Avi