I agree with Location Control On for your Favorites List and set your Range to 0. If you seem to be missing transmissions, you can bump up the Range in 2 mile increments until you settle on a "sweet spot".
If all you monitor is one system and don't anticipate turning off "things" then you could get by without setting any kind of Quick Key (Favorites List, System or Department).
One way of looking at the programming architecture is a file cabinet.
The file cabinet would be the Favorites List itself. There is a lock on the file cabinet which is comparable to the Favorites List Quick Key. The Favorites List Quick Key being On is like the lock being unlocked and you can open the drawers.
The drawers would be the Systems. Just like multiple drawers in the file cabinet, there can be multiple systems. In your case, if you only have the one trunked system, you just have "stuff" in one drawer and the rest are "empty". The System Quick Key is like releasing the latch to the file drawer. Unlatched (or "On") means you can get to the "stuff" in the drawer (the system).
In each file drawer, there are file folders. These file folders are the "Departments". Each file folder would contain pieces of paper. These pieces of paper (or channels) would be frequencies or talkgroup IDs.
In a trunked system, each site is a file folder (Department) and the pieces of paper are control and voice channel frequencies.
The act of grasphing a file folder to access its contents is turning on the Department Quick Key.
The process of toggling (reversing the status of the Quick Key - Off to On or On to Off) takes some getting used to a first.
Just like with the file cabinet, to get to a file folder you have to unlock the cabinet, open the drawer and grasp the file folder. So your "instructions" to the scanner have three components: The Favorites List Quick Key, the System Quick Key and the Department Quick Key.
As an example, let's say you have a Favorites List with a Favorites List Quick Key of 11. In the FL you have a System with a System Quick Key of 22. In that System, you have a Department with a Department Quick Key of 33.
The "scheme" for Quick Keys is "FLQK.SQK.DQK eYes". (The periods are important). So for the example to toggle Department Quick Key 33, you'd press "11.22.33 eYes".
Sites will have Quick Keys at the Department Level (as they are containers holding frequencies/channels).
You mentioned "Channel Quick Keys". There isn't a "Channel Quick Key" as such.
As I said, this is a little tough to learn in the beginning. Just mess around with this a first and it will come to you.
My biggest problem is remembering what I've used for a Quick Key, rather than how to "work" them. What I do to help me is incorporate the Quick Key number in the name of the Favorites List, System and Department. For example a Favorites List called "Jefferson County" with a FLQK of 1 becomes "F01 Jefferson County". Seeing these as they cycle through assists my memory.