Re first post: thats it in a nutshell. I have one p-TTL flash (the Sigma 500DG ST) that I can use in the 'run n gun' scenario - every other flash is just YN-560's or equivalents - which have much better manual controls than the Sigma (in interface terms) and are also more powerful anyway.
And yes - you have it spot on re 'setting the flash' - its about balancing the light - as long as those parameters dont change its all good - so in a scenario like say - a banquet hall - with fairly consistent lighting - you wouldn't need to tweak much after the initial setup...
Re second point: I'd just get this (the Ringflash Kit)
DIY Lighting Kits
Re the TTL stuff - Just remember - ist's use TTL - anything later uses p-TTL , and the two are not compatible or interoperable.