Ok, thanks I think I’m getting it.
So, after I select “Manage Compile Format Presets”and then press the + key, what name would you suggest that I enter for the compile format? Something like My Compile Presences? Or did you something else in mind?
And so, all future projects will default to that Compile format selection in the future – is that right?
For some reason (maybe through my own fault) I kept seeing Custom or Original under Format As…
Thanks again for your help…
“Custom” will happen whenever you change anything at all—as in it has been customised from whatever it started from—so bear that in mind. Like I say what you’re aiming for is a little nicer in the new version. In the older version so much as switching inline annotations on for a proofing output would make your settings “Custom” and de-couple it from the central preset. At that point you would either update that central preset with your alterations, or you would re-apply it once you’re done, if the changes you made were temporary (such as the use of inline annotations with a quick proofing run).
What preset or compile settings a project uses is part of its internal settings. If you want to influence how future projects work, that’s what Project Templates are for. If you like how one of ours starts, you can make a new empty project using that, make any customisations you’d like to it (such as selecting your compile preset), and then use File ▸ Save As Template….
As for what you call it, that’s entirely up to you. Call it “Red Letter Day” if you wish. 
You can of course also save compile settings directly into the template. That just happens naturally though—compile settings are as much a part of the project as the text you type in. So whether you use a preset vs custom template compile settings is down to whether you foresee using identical designs for most projects. Since project templates store everything about a project, it’s a useful way of establishing preferences that aren’t found elsewhere—like whether label colour should tint icons, or what starting columns to use in the outliner. If you find yourself constantly changing how new projects are set up, consider templates.