@ rubyfire - You got it to a T, in my personal opinion :)
I currently have a spawn, that just turned 2 weeks old today, and are growing great! They are about the size of a 3 or 4 week old :D
Also, I just wanted to add this, not trying to make it seem like you -can not- breed, but you need to ask yourself a few more questions...
*What do I hope to breed for? - ex. good finned red fish. I am striving to breed blue marbled HM's with good finnage, and nice bodies, and Copper HMPK without red wash, as another example.
*Are the fish I am going to breed mesh well together conformation wise? -It takes quite a few generations to get decent fish from fish that are not up to par..
*What do I plan on feeding them? - I have 3 cultures(Microworm, Bananaworm, Walterworm), that have gotten so big, I was thinking of making subcultures and selling some starters.
I had a few more, but I forgot them :P
Doggyhog pretty much summed up most of the questions though.