I just downloaded and installed the Unreal engine. I've got some n00b questions about it

You can select the Baked Lighting Quality in top bar of the editor under “Build”.
There you can select “Preview” Quality for Lighting, which reduces the Ligthing Build times but also reduces Quality(duh).
In the World Settings, you can also change the Lighting Smoothness and the Number of Light bounces.

This goes into basic Programming here. If you want to alter the gun, you should watch some tutorials and/or think of your own implementation of a gun system.

This should be a good start.

I’m interested in this, too.
I’m currently using a post-process Material in my camera.