If your just getting started and want to know the very basics you can check here http://wiki.openstreetmap.org/index.php/Beginners_Guide

The amount of points per second can vary, depending on what you trying to map more than how fast you travel. i.e. on a canal barge There is very little to map that would only be posible to make on in a trace recorded at 1 point per second, but If going on foot but mapping in high detail rather than just mapping a road on foot, then 1 point per second is again helpful.

Having more points per second also makes the data more readable. Its surprising what you learn to make out from a string of dots. Also if you loose reception for a few seconds and have it logging points more frequently then the data is still ok for mapping with.

In short, I would suggest recording at 1 point per second for most things. On motorways and other already heavily mapped routes I would suggest lowering the amount just so that the dots can be better used on other roads. The density of points should corralte to the density of things you add to the map I find.

For Q2) I would say yes. I find a route that has been travelled about 7 times seems to have all the data nessesery to map acuratly