Welcome to SMF! You have definitely got a great starter model for a smoker. The best thing that I have made on my ECB besides ribs or pork butt and that I had never even heard of before the SMF is a smoked meatloaf. Good luck with your future smokes and hope to see some qview pics.
I used a 3/8" drill bit and drilled a circle pattern of holes in my lid....maybe 3" diameter pattern. Then covered it with a piece of flashing for use as a damper, secured it with a small machine screw and nut.
I didn't really think much about where to drill the holes in the lid....just put them far enough away from the handle that you won't be likely to get burned when opening the lid to sneak a peek. My lid vent holes stay uncovered 99% of the time....usually only closed to choke out the coals after a smoke is finished.