Thanks Luis
Regarding #1, I’m still a little confused as to what all the different cycle settings do but I’m experimenting around with it now. Took me a minute to find the Comp Tool 
. I’m sure I can find the meanings of all those settings in the Operation Manual.
Regarding #2, the Bounce feature IS the same thing I was looking for. Cleans the tracks up nicely in case you are going to export them to another DAW or to a Pro Tools system in a “real” studio. It works the same on audio tracks and MIDI tracks. Unbelievably awesome!
Thanks so much for your guidance. Have a great week!