Studio, of course. That's the only one you'll get help with and the only one that still gets updated. In terms of settings, it really comes down to testing out to see what works. What do you plan on recording/streaming? Games? Something else? If you plan on streaming to Twitch, read below.
Use the Twitch Bandwidth Test to find the best Twitch server to stream to. Set Duration to Medium. You can uncheck any regions you're not in. After the test runs, click the Share Result button to upload a screenshot, which can then be copied and pasted in a response below. Get TwitchTest from http://www.teamliquid.net/forum/tech-support/478845-twitchtest-twitch-bandwidth-tester
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