> 1a.  Project Name: I know this is up to me
> 1b.  Project Category: What goes here?I normally leave it empty. The top
level index is
project1
project2 ...
If you use categories you'll get IIRC
project1
category1
  project2
  project3
category2 ...

> 1c.  Base Path: What does here?This is where the top level is on your disk.
Projects are subdirectories below this.

> 2a.  Action: Which one do I select?New project should default to Download.
Existing ones will default to Update.

> 2b.  Web Address: Add URL? What format would I use
> for the web address? 
Copy the URL from your browser.

> 2c.  Do click on the set options button in the my
> prefernces & Mirror section?Every site is different, and so is what you want
to do with it. I recommend using a non-HTT browser ID, get non-html related
files=checked, No external pages=checked. Local structure is up to you. I
usually use local structure xx in web/xx so I can look at the images and
videos in their own directory without using the web pages. You might want site
structure. 
Before you launch the mirror on the last page (Finish button) you can use
Preferences -> Save Default Options so new projects will be set to your
liking.

> 2d.  If yes, which tabs would I select: Proxy
Proxy must match your browser. Except at work, you'll normally not use one.