Yah, doing the US Open Qualifer with its very long Par 4's and tournament speed greens is going to be frustrating if you're just starting out.
Quick tips
Add or subtract 1 yd of distance for each yard of elevation,or example, if you are 150 yards to the hole and it is 6 feet "up", treat it as a 152 yard shot, then account for wind.
Add or subtract 1 foot for each inch of elevation when putting, for example if it is 15 feet to the cup and 2 inches "down" treat it as a 13 foot putt. Inside of 10 feet hit it a little harder, green speed has less of an effect, and inside 3 feet you can ram the ball in, though if there is a severe break you will want to aim a little.
On standard speed greens you don't have to compensate, any other speed see this thread:
http://www.wgt.com/forums/t/89159.aspx
If the meter is too fast consider buying a ball with "feel" (see the stats of the balls in the pro shop). Feel slows the meter down. but if you don't want to send the $$ I guess that's not an option.
There are two putting methods, the % method and the avatar movement method. The % method means figurng out how much % of the meter to use for a given shot, 25%, 30%, 60%, whatever. This is where the putter pal can come in handy. The avatar movement method is decribed in Putting Tips under FAQs to the right of this screen. Essentially, notice that your avatar (your player) draws back the putter a certain number of times. Divide that by the putting scale and you will know how far you will hit the ball after figuring in the elevation and green speed. For example, if you figure your "effective" putting distance is 12 feet (i.e., a 14 ft putt with 2 inch down elevation on a standard green) and one movement on your scale is 12 feet , use that one movement. If one movement represents 6 feet, draw back the putter 2 movements. And so on.
Pitching, chipping: The distances are different. Chipping you figure "normally" but pitches have more power, for example if you are pitching from the fairway you need to subtract several yards, see Chip and Pitch tips under "FAQs" on the right side of this page. If you are in any rough over 25% you will want to pitch instead of chip unless you are only a couple feet or less off the green, then chipping is ok.
The flop shot is great shot to use when in a greenside bunker, just aim well left as the flop shot naturally goes right.
"Does it make any difference where you have the cursor when you START the takeaway?"
If I understand this question, I don't think so. If you mean the cursor that says "swing" as you draw it back, no, I don't think it makes difference what it's position is on the screen. Whatever is comfortable for you.
Good luck and have fun!