1. Refresh Rates: 85HZ is good but it may be overkill. The human eye can detect flickers and tears in the monitor when the refresh rate is set to 60HZ and below. Experts recommend 75HZ, which is also the number most monitors support. If you're monitor is less 8 years old, 75HZ should be supported at a screen resolution of 1024x768. If you aren't sure about your monitor specifications, try to find a manual that came with your computer. If you don't have a manual, look behind your monitor for a sticker that lists your monitor's manufacturer, serial number (S/N), product number (P/N), or model name. Then, find that manufacturer's web site through Google.com and look up your product.
If you still can't find the information about yoru monitor, you can use a software program like "Aida 32" or "SisSoft Sandra 2002/2003" to get information about your monitor.
2. BIOS: You generally don't need to change any settings in BIOS if you're a casual computer user. If you overclock your components (CPU, RAM, videocard), you'll have to change some BIOS settings like AGP aperture size, FSB multiplier, AGP/PCI ratio, FSB/RAM ratio, etc.
Seeing how you're unfamiliar with the BIOS, though, I would recommend that you check out this
site first before you do anything. If your computer is a Hewitt Packard or Dell, or some other large OEM manufacturer's, you may not be able to access all of the BIOS settings. Some large companies lock out the BIOS menu cuz their customers may mess up their system by mistake.
Also, if you're gonna decide to overclock your computer through the BIOS, get good cooling tools first--CPU cooler, RAM cooler, videocard memory cooler,etc.