After wanting a baitcaster I finally bought one today. I got the lews speed spool ($99.99) in 6:4:1 mounted on a diawa Laguna rod. I bought it at a local tackle shop and he put line on it for me at no cost. I brought it home and put a senko on it, I set the mag brake to 0 and tightened the spool tension knob all the way. Then I clicked the thumb bar and slowly backed the spool tension off until it started to fall. It's a fine line between nothing and falling pretty fast. :-) I'm not sure what setting I should set the mag brake to on the side but I put it on about 7 to start off with. Is this a good setting or should I put it on another number? I've Casted it a few times in the front yard (probably looked crazy)(what's this guy fishing for?)and it's smooth as silk and really reels in smooth.

Have heard great things about the lews speed, I would say have the brake set to what your comfortable with, unless you are in need of a longer cast or you are pitching you wont need to back off, Or if you just want to learn baitcaster without brakes a good way is to start at what you have it on now, then slowly every couple days/weeks/months depending on how much you fish start backing off by one number on your brake, if you go too far too soon you may get a little backlash but keep your thumb in control. Eventually you will  be able to cast without spool tensioner or brakes unless its windy. Personally after getting used to the reel I backed off the tension if it was a calm day and it helped me learn my reel say if I need to pitch and my pitching reel broke or isn't with me, I can do it on this reel too. It's great to be able to be versatile with your equipment.

7 is probably an alright place to start. Just slowly lower it as you get more experience.