I understand how this works, and all that... but what no one has mentioned is, is there something you should be looking out for? Is there some danger that you may be setting it such that the clutch is partially engaged when the pedal is up.

Also, I plan to bleed the clutch soon, is there any reason why I should wait on the adjustment and bleed first; or will they not effect one another?

And lastly, if I end up changing my clutch after having adjusted the pedal, will it need to be re-adjusted before using it?

First, bleed FIRST. It will affect you're engagement point. When you adjust the grab point manually, there is a possibility of it not engaging/disengaging as it should depending on how much adjustment is made.

Will bleeding (if there is air/moisture in the system) result in a lower grab point?

Also, my brother has a bunch of "super blue racing" DOT 5 brake fluid lying around wasting space, would this be suitable or should I just grab some DOT 3 from autozone

Usually yah it will be lower. I wouldnt mess around with that dot 5. Just use the dot3.