set it to 2s (7.4v) and charge at 5amps. Once its peaked its done. Not like nimh where you can hit the peak button again. Lipos don't lose their charge. Don't let the voltage drop below 6v (3v/cell). I balance my packs when ever I charge them b/c I have a built in balancer so I might as well balance them.
As far as discharging packs. If your charger has a "storage mode" then you can use that, but if you always use them its not necessary. Its mainly if you wont use them over the winter, I believe they say to store them at 60% capacity.
Team Mattox Designs (Renegade Squad)