Regarding profiles, if I don't employ the profiles (not knowing how to do this) can i just use the White Balance dropper to set the color after capture?
Nope. Capture One requires the use of an ICC camera profile to generate color. The profile is actually the source
of a colorspace for the program. The white balance tool simply tells the program what a neutral color is, and the program uses this information in conjunction with the ICC camera profile to generate an image.
The drop-down menu to select the appropriate ICC profile is in the second or third tab, towards the top. It will use a default profile when you don't select one. The profiles Phase One provides for their backs are very good, and are made for use with specific lighting schemes.