Some basic questions:

How do you load it properly?

Are there tips for converting txt files so SS works properly?

Any tips for using correct preferences?

Any estimates for how long it takes to load and format?

Is there another search option other than command f?

When used properly Script Sync is an exceptionally powerful tool that really helps Avid stand out from other NLEs.  However, it can be kinda difficult to understand if you're trying to figure it out on your own.  The best advice I could give is to find someone who knows it really well and have them show you.  

To answer your questions:

1. import the txt file into the bin

2. export your script from final draft or movie magic, etc. as a text (comma delineated)

3. not sure what you mean.  Is #2 the same question?

4. depends.  "scripting" manually can take the sum of all your footage.  There is an auto scripting tool that takes a couple minutes and works pretty well.  

5. Not sure.

Best of luck.