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Is there a way to change the resolution of the TV or will it always default at 720p?
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Nope, 720p is it, unless it has specific modes, like "PC Mode" or something similar. The TV will always upconvert video lower than 720p (Like Standard Definition) to 720p, and downconvert video higher than 720p (Like 1080i HD) to its native resolution, which is 720p.
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When playing a Blu-Ray, will the TV automatically "down-convert" to the native resolution or would it be better to set my Blu-Ray player to 720p?
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Yep, see above - As far as to which one is better, TV or Blu-Ray: Some TV's do a better job at downconverting than others, so my suggestion is to try both and see if one is better than the other. My guess is that the TV will do a much better job.
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What do I need to know about the 600Hz Sub-field Drive? I saw a real difference in the 60 Hz and 120 Hz LCD's, is 600 Hz that much better or just marketing mumbo jumbo?
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It means almost nothing for Plasma. Plasmas do not have the blurring problems that LCD's have. LCD's are overcoming the blurring problems by increasing their refresh rates (those 60 Hz, 120 Hz, and now also 240 Hz you refer to), but for Plasmas that is not the same thing.
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Does it use the standard 24 fps or do I need to set it to this mode?
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It supports it, according to panasonic's website. As far as enabling it, not sure, check the manual.
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Are there any "tricks of the trade" that will improve the picture quality?
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You might want to consider calibration DVD's. Avia or DVE (Digital Video Essentials) calibration discs are 2 popular ones.
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Also, when hooking up to a Home Theater system, will there be any degragation of the sound quality when using the optical out off my TV.
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Probably not one you'll notice. I'm guessing you're not an audiophile, so optical will be fine.
Congrats on the purchase, enjoy!