1. J36ZT summed up the boom vang pretty aptly. Depending on what level of performance is being sought after, the level of attention given to the vang varies widely. High-performance racers will adjust it according to point of sail, conditions, and any number of other factors. Recreational sailors will often ignore it entirely.
The only thing I would add is that, while sailing downwind, the sail is operating purely under "push" principle, i.e., the sail is a "wall" against which the wind pushes, moving the boat forward. This being the case, maximizing sail area will maximize potential speed. Tightening the vang will do that for you. Just be careful if you have recreational boaters on board not automatically in the habit of watching out for the boom - tightening the vang inherently brings the boom lower, making it more of a potential danger for anyone not paying close attention: even a small dinghy's boom can knock an adult in the water if you're not careful.
2. The keel also has two other functions of varying noticeability. It's a pivot point for your boat: if you've got it raised most of the way, you may notice your turning is sloppy. You'll be changing the direction the boat is pointing, but continuing to move closer to your original trajectory.
In addition, it's the center of lateral resistance, which is just a fancy way of saying it prevents you from side-slipping in the water. If you've ever wondered why boats can move in any other than downwind, this is why. As a result of its being a large, fairly flat object moving through water, it's much easier for it to pass through water with its "sharper" edge, as opposed to sideways. This is why, when sailing on a beam reach or further upwind, you are able to translate motion that would otherwise simply push your boat sideways or backwards into forward motion. The further up you bring your swing keel, the more you sacrifice this benefit.
It's true what they say, though: there's no substitute for experiential learning. Have fun!
Edited to acknowledge that sailingdog pointed out the sideslipping thing as well (didn't mean to step on your toes there) and to agree with Denise - get the jib up! It'll balance the forces acting on the boat much more, you'll be able to point higher upwind, and you'll be able to move through tacks more easily. Plus, it just makes you look that much cooler