I have the PE700II and LOVE IT. My machine likes Mettler, PolyX and Metro embroidery thread. I use 60 wt and 90 wt embroidery bobbin thread and also pre-wound bobbins. I don't use a thread conversion chart software. I print out the design with the recommended colors and match to whatever brand thread I'm using. Most of the thread sites have conversion charts you can print for free (has numbers). I use different software to do lettering and alter designs. I really like Sew What Pro and Monogram Wizard Plus. You can download designs from various sites and don't need any special software to use them as is. Just download in your PES format and transfer to your machine.
I would suggest starting with the designs loaded on your machine and practice with different fabric and stabilizers.
www.embrlibrary.com has some great tutorials to help you get started.
Have lots of fun with your new machine!!
Edited to add: Metro thread has some great thread kits at wonderful prices.
www.metroem.net