Help me Configure my Corsair Vengeance 1500

[Kommie986]

It was on sale ($89.99 with $20 MIR) so I couldn't resist. But IDK what all the settings mean.

1. What is mic loopback and what should I set it as (high, low, in between?)? I did some Googling, and it's still confusing to me.
2. What should I set the equalizers (30, 60, 120, 250, 500, 1k, 2k, 4k, 8k, 16k) on a scale of -20dB to +20dB?
3. Should I have it on "Bypass" mode, "Dolby" mode, or "7.1 Virtual Speaker Shifter" mode?
4. What's your recommendations on "Environment Size" if it's set on "Dolby" mode (Studio, Cinema, or Hall?)?
5. Any need to use the "Virtual Speaker Shifter" and move any of the speakers around?

And if you guys have any other tips and tricks, please let me know! Thanks for you help!