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Hi Russ,
What you've got there is the Large Magellanic Cloud, a dwarf galaxy companion to our own galaxy about 160,000 light years away. It's a fascinating object full of nebulae,dust and other features, some of which are coming out nicely in your image.
The aberration at the edge of the field is called coma, and is a feature of many optical systems. It gets worse the faster the system, so you can reduce it by stopping down the lens from f/1.4 to something like f/3.2 or even slower. Of course, this will increase the exposure time required for the same level of detail.
This will also reduce the chromatic aberration - the little purple rings around the brighter stars.
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