Optical frequency combs (OFCs) have become increasingly pervasive in recent years, with their advantageous frequency coherence properties enabling significant developments in numerous fields, such as optical communications, spectroscopy, and microwave signal processing. Recent interest in OFC development emphasizes minimizing and mitigating phase noise of individual comb lines for high-quality signal generation, processing, and detection. Cavity-less electro-optic combs and parametric combs are attractive sources for these applications in that they permit flat spectra, tunable tone spacing, and robustness to temperature variations. Although previous research has demonstrated broadband parametric OFC generation, the scaling of the phase noise has not been systematically investigated. Here, we demonstrate a 25 GHz-spacing cavity-less parametric OFC generator and investigate the interaction between electronic and optical noise sources that affect its phase noise and linewidth. In addition, we study the optimal design of a nonlinear amplified loop mirror based pulse shaper with a focus on the impact of pump power on the signal-to-pedestal power ratio, which ultimately influences the spectral flatness and the optical signal-to-noise ratio (OSNR) after the parametric expansion. Notably, we design the OFC using all polarization-maintaining (PM) components, demonstrating the performance of PM highly nonlinear fibers in parametric comb generation. This results in a PM cavity-less comb with <9 dB power variation over 110 nm, >0 dBm power per tone, <10 kHz linewidth, and >23 dB OSNR. These characteristics make it highly desirable for application in communication and signal processing.