I was wondering if anyone could take the time to help me set it up properly when it arrives?
I think you'll find very quick and efficient help here in this thread once your VP arrives.
I have a basic switch (no power supply, buttons for switching between inputs), can I route through the switch into the VP30 without any issues or will I just need to test it?
it's likely to work fine, since the VP30 is not very picky about input levels.
I output my 360 via component, will I benefit from processing it with the VP30?
give it a try. The mainly depends on how good your TV upscales from 720p to 1080p.
How hot does the unit get after hours of on time?
Should I leave the unit in standby or shut it off and unplug while not in use?
You should not place anything on top of the VP30. The FPGA in the unit remains ON even with the unit in standby, so remains warm and still draws nearly the same power as when switched off. That's why I would unplug it when not in use.