Where to save Squeeze stuff?

Hi,

I've just upgraded MC & stuff, and with it comes Squeeze Pro 10. Great, there are some DVDs and Blu-ray rips I want to play with. So, from the top (as I haven't used yet), when running the rips through Squeeze, what is: a) the recommended file-type of MXF to convert to?; b) where exactly to save the files in my preferred F-drive? (I'm guessing F > Avid MediaFiles > MXF > invent a number like... 103); and c) how to open MC8.5 and get it to locate/recognise these files?

Thanks,

DC