Most of the information your looking for is in the 6010/5010 thread, last years model. http://www.avsforum.com/t/1377321/official-epson-powerlite-home-cinema-5010-6010-thread
1. Recommended settings? I'm pretty sure I'm partial to Cinema (THX is just a bit too flat), but other than that I'd like some help. Seems a little too red for one thing.
Use the setting(s) that you like. Projectorreviews.com usually talks about some settings during their reviews, but someone's settings can be different than yours due to environment, screens, etc. http://www.projectorreviews.com/epson/home-cinema-5020/calibration.php
2. Auto Iris; this is my first PJ and as such I'm not sure what I should do about this setting
Off = no iris, and your just using the native contrast of the panels, normal = most content that doesn't change in brightness alot, fast = content changes alot, such as in video games. The iris can be a little noisy at times, but it will improve the blacks some. I don't use mine, I think the native contrast is pretty good without it.
3. Eco or normal? I liked Normal better but not surre again.
Again, use what you like, however normal will shorten the lamp life some. These are pretty bright, and on a new bulb I suspect eco mode would suffice.
4. Convergence, lcd lining up, etc? Just saw some mention of this. What should I be looking for?
See the first thread here, http://www.avsforum.com/t/1377321/official-epson-powerlite-home-cinema-5010-6010-thread
and look over the "pixel width" discussions within those links.
5. Super Resolution? Not sure I want this or not. I'm usually pretty leery of "enhancements".
I wouldn't go above 1, but I also use a Darbee. http://www.avsforum.com/t/1399154/darbee-vision-darblet