wondering about the proper fuse settings, etc.
Fuse settings are dependent on lots of variables. Type (and speed) of clock, size of bootloader, etc. If you're using optiboot and a 16MHz crystal, you should be able to get by with the fuses shown in the Arduino boards.txt file. If you have something else, you can ask specifically or dig in to the datasheet (which is particularly confusing when it comes to the fuses.)
What's the best solution for a newbie like me to get this thing loaded and functioning?
If it's a 16MHz arduino clone and you want optiboot, and you have an existing arduino, you can use my "optifix" sketch: http://www.arduino.cc/cgi-bin/yabb2/YaBB.pl?num=1295516707
Also, once burned, can it be reburned with new fuse settings?
Yes, in general. There are some fuses that will effectively turn off the ability to do ISP programming, in which case you will need to find a programmer that supports "high voltage programming" to fix it. But in theory, you can always start over...