I figured out (with some help from MimeticMouton) how the formatting function works in compile…but now I need to rename/tweak one that I created. How do I go in and do that?
thanks!
Glad that helped.
In the Format As dropdown at the top, load the settings you want to tweak.
Tweak them. 
Hit “Save…” at the bottom left. You’ll have to type the name again–you can either use the same name, in which case it will overwrite the settings to update it to your new tweaks, or you can type a new name, which will create a new file.
If you want to delete your older one, you can go to “Load…” in the Compile settings. It will bring up a list of all your personal saved compile formats and you can select and delete any you don’t want to keep. Note that this will delete it from your computer, not just from that particular project, so if you might want to use it in a different project, don’t get rid of it.