Font Manager X8 Advice, plus Panose question...

Have finally installed and am using X8.  Windows 7, 64 bit.  Patch 1 is installed.  After horrid problems with Connect, and reading about the pre patch problems with Font Manager, I'm, well, AFRAID to try to use it.  Currently 2056 installed fonts.  I have multiple directories of fonts (beyond my basic C:\Windows\Fonts directory) and in the past my practice has been to take a look at those fonts when I'm bored with what I have, or for an unusual project,  and install the ones I think I'll need.  Generally never get around to uninstalling them.  I actually don't have a huge problem with continuing that behavior, and am not sure I'm wild about FM showing me uninstalled fonts for my "use."  I almost always go out to press, so would guess if I used uninstalled fonts in a project, I'd have to install them before going out to print (which would require me to remember to do it and I can already see that problem).  Yes?

However, it would be nice to have collections of fonts -- all my san serif condensed, or all script, for instance.  Although, if I put a font into a collection does it also stay in the main list, or only exist in the collection?  Sigh.

Bottom line is before I open Font Manager, would appreciate any advice.  I have gotten the message not to let FM index every directory/disk where I have fonts.  Other than that, any specific advice would be greatly appreciated.

Also, when I'm opening X6 files, I'm getting panose substitutions -- to the correct fonts, but from Type 1 to Open Type.  Huh?

Appreciate whatever you can tell me.