I just got this reel in today. It's my first baitcaster so my question is, how do I set this up ? I'm talking about the brakes mainly but also mean everything in general. Also, where is a good number to start the drag out on ?

Check out the thread on this forum a sticky at the top  ,,,,, "How to setup a baitcaster",,,,,, everyone is different, and the drag has no numbers??? If you mean the Magnetic brace setting your experience with baitcasters will determine that, and the centrifugal will be the same, start with 2 on both, and don't over tighten the tension knob. The less experienced you are, the more braking you will need. I use one or none most of the time and use Magnetic when faced with wind in my face, the more wind,,,,the more brake. If you have questions after watching the video in the post I mentioned there are many here that will help. Good Luck with your new reel!!     

That video helped a lot. Thanks for that.