You will do fine.....I love machine applique....
I prefer Steam-A-Seam 2, but there are other products like Heat N Bond lite, or Wunder Under.....I found a new product called SoftFuse that I really love, but it's quite pricey...It leaves your applique soft, not stiff feeling...
I probably use the blanket stitch the most, but have used my decorative stitches to finish off the edges, depending on what look I am trying to achieve...You can also play with your thread weight and the different textures of thread, like metallics, but keep in mind, you will need specific needles to accomodate these threads.....
With the satin stitch, I find I need some kind of light weight stabilizer on the back side of the fabric before I stitch or I end up with puckers...You can use a tear-away or a water soluble stabilizer....
Enjoy the journey.....!
Sandi