Drivers/Racers - 4 Speed Driving Lesson Required

Your cam specs should give you some indication of what RPM point your engine is making it's peak horsepower and torque, that and the intake manifolds range. Keeping in mind that those are under optimal conditions. I have to agree with cpearce, you should be fine running 5000 to 5500 RPM, and I would expect that the peak horsepower would be right in this area. That should be a starting point for question 2.
Question 1 is subject to a few variables, namely traction, however I have not mastered the manual transmission burnout myself, tough to perfect when your shoes are size 15 and most of the stick shift cars I have owned were fox body Mustangs, footwells are a little bit cramped in them. I would usually sidestep the clutch around 4000 RPM and let it rip. If you are doing burnouts on a dragstrip you may want to look at installing a line lock in your brake system.