Futzed = adjusting the clothes, pose, hair, or other materials on a figure once removed from the packaging to achieved a desired look. Most figures don't look good right out of the box, so you need to tinker with the look to make them better. In some cases this can be timely, like flattening out Jedi robes or loose fitting material.
For collecting, the main piece of advice I can give you is collect what you like within your budget. These kinds of figures can get expensive and it's easy to become overwhelmed with the choices out there. Start small and get a character you know you will always like and then assess if this hobby is what you're looking for.
And don't forget to have fun...