Some people sew with a walking foot all the time, but most of us only use it when we are sewing on a quilt sandwich, and that doesn't usually involve matching seams or sewing on borders. So my question is, are you using the walking foot for piecing, rather than for quilting? If that's the case, you might try using a 1/4 inch foot (or any foot for that matter) and see if you have the same problems. If you do, then it's either the machine or your technique at fault, and not the walking foot.
I did once try sewing with the walking foot and forgot to engage the bar. What a noise! I thought my machine was coming apart.