Replying to Work Flow Advice - (GoPro / FCP)

I have recently developed an interest for filming and producing edits, but I am very new to what is a huge, completely different hobby from skiing. I don't have any friends in the town I am in that have any experience with Editing and thought I would turn to NS for help. I would just like some advice, and to double check that the work flow I have developed from internet research is as efficient as possible and will let me develop the best quality footage / edits. Please be patient with me as like I said I am new to this!

I am currently using a GoPro 3+ (I have just upgraded from the 2). I have mostly by default been filming in 720 at 60 fps, but I tend to get more familiar with the settings with my new purchase. I then upload my footage and open with GoPro Studio. I convert the footage to .MOV at 29.9fps. Once converted I will adjust the colour settings (Is this referred to as "color grading" ?! ), and export the file.

I then will import all my interesting exported footage to an event in Final Cut Pro X and simply start editting the footage in a film. (I am editing from footage that is saved directly to my internal hard drive, is this recommended?). Most of the footage is put into double time, or I can leave it as it is for slomo. From FCP timeline I send the project to Compressor, where I use the preset Vimeo output. I will then change the output bitrate to between 3-5k and export. I then upload to Vimeo.

Am I missing any major steps here? Is this a good starting point?

Some further questions I have, if you can be bothered to answer!

What do you find are the best GoPro settings for skiing?
What is the best method for Color Grading?
Where should I store my files when editing them in FCP? Externally?

I can appreciate these are very broad questions, if you point me to a thread or just in the right direction I would be grateful.