DeeDee,
ACR is Adobe Camera Raw and it's integral to CS2 and the new CS3. It really does make editing images just as fast as jpegs and you can batch process all the images once you've set the color/white balance for one. Believe me, I appreciate the time involved in editing. I shot the Rottie National in April and had to process over 2,000 RAW files. However, once I had them as proofs, getting out the final orders took as long as it takes to drop in the sign and print.

I shoot my studio stuff at ISO 100 or 200 (depending on the ambient lighting in the room) and at F8, 1/200 sec. For on-camera flash, I shoot at F8, 1/125 sec. I use F8 because it's the sweet spot for my lens (Canon 17-40 F4L) and because it gives me greater DOF so that slight variations in focus aren't an issue.

Frankly, I like the crinkled look of muslin that's been crushed into its carrying bag but that's up to individual tastes. It also gives me a barometer of how much (actually how little) adjustment to give skin tones in Digital Gem Airbrush Pro when I'm doing people portraits. If the wrinkles in the backdrop start to smooth out, then it's too much

I'm not quite sure why you're using the Sekonic meter. Is it a flash meter? Incident or reflective? Need more info.

Again, good start and you have the best tool of all -- a great eye.

Jim