Color Adjustment on TV?

Just purchased a used sony wega non-hd with component video. What is the best way to set the color menu for a neo? Their are several things, like color temp. ect.. that I have no idea what it is and how it should be set. Also, does setting them different ways affect the durability of the tv. Are there certain settings that will prolong the life of your picture tube? Also, I know you can default the settings to the factory settings but I don't know how to do this. Any help would be appreciated or links that would give me good info.