Now, when I go back to the Library I see a tiff file with the name of my paper profile on it. I assume it is the adjusted softproof VC. If I select this file and go to Develop, does it display using the paper profile? and if so, were I to now hit "S" would I actually be viewing a double-profiled version of the file?
I think you are over thinking it all...if you create a "Proof Copy" it's just a Virtual Copy of your TIFF file...in Develop it will not be using/showing the profiled soft proofing unless you turn soft proofing on. When you do, you have the ability to do a Before/After using the Master file (which is your rendered TIFF before and soft proofing adjustments. In the drop down menu you can change it to the saved state (of the VC) so you can see what additional changes you make make in a second round of soft proofing. But I would suggest just continuing to use the Master photo since ideally all you are really wanting to do in soft proof is match the master in the print.
If you decide after making a print and wanting to tweak it to improve upon the print, you can continue to do that. That's where using the Saved State might be useful to see what the VC image looked like before making additional changes...
And no, the only thing "saved" in the VC is a reference to the profile. The profile is not modifying the VC in any way...so there is no need to be worried about double profiling...
Where things might get confusing is where you may have made multiple profiles for the same printer/paper and you want to test the differences in the profiles. In that case, I would suggest changing to the new profile and then when prompted create a new proof copy VC so you don't intermix the profiles in the same VC.
The key to this is to use it...once you get comfortable doing it, it's becomes second nature.
As for doing an extended video, I don't know...I do know that Mike, Chris and I are planning on getting together to shoot a few additional videos in June. A couple that were lost to a "technical" issue on an SD card and a couple additional ones...possibly with a special guest :~)