In answer to your question about the external switch;
Normally you leave it on. Power-off/on with the front panel switch (which is a momentary contact). All ATX mobo`s are ALWAYS `hot`, i.e. there is always current running to the board. If you need to do anything internally (plug/unplug anything, add/remove a video card, etc.), turn the external switch off. This kills all current to the motherboard, while still leaving a solid ground thru the power cord. If you DON`T have the convenience of a switch on the power supply, you should always unplug the power cord (and use an external ground to ensure static elec. is dissipated) to prevent any accidental shorting of the mobo or components.
Hope this helps, Ern.
It`s only paranoia, if they AREN`T out to get you.