I agree with Craig but here are my thoughts as well:
• Pitch drift's effect depends on how the note was recorded. If the pitch obviously varies from the root note—like it drops off, or goes sharp, or starts too low and slopes up—the tool will get it more centered on the note. You may have to drag, then release the mouse button, and drag again because it makes a very small correction each time. You may also have to use it and then the pitch modulation tool to fix a note. Example: you fix a large drop off with the drift tool, but then the whole pitch line is above the desired pitch, so you will have to use a touch of modulation tool and maybe the pitch tool to get things sounding right. Sometimes a pitch slope is good but you have to use your ears and judgment to get the blob just the right amount above of below the set pitch so it sounds right. You may also want to split the note and only use the drift tool on part of it.
• Split is funny. If you don't expand the Melodyne screen to make the blobs larger, you may have trouble splitting. The split tool is dependent on screen resolution. In other words, split may not work on a tiny blob until you use the magnifier in Melodyne to make the blobs bigger. Even then, it may not always split as small a piece as you want. When you don't think it's working, it may just be because the blob is too small or you are trying to cut off too small a piece. This frustrates me, too, but it's how it is.
• I transfer the whole vocal at once and then work on it section by section, but that's just me because I am not able to bounce Melodyne very well—something weird about my machine.
• I usually keep ASIO lower—like 64 or 128—until I am ready to do the final mix.
You didn't ask this, but if you have any tempo changes, I strongly recommend you transfer the whole vocal into Melodyne all at once so it does not get out of sync. I have a post somewhere on the Melodyne forum about this because I was having trouble with Melodyne getting out of sync after a tempo change. If you have a problem with this, I will look for the post and Celemony's answer which was very helpful.
Melodyne takes some time to master but it is absolutely awesome once you get it. You might note that Celemony's videos don't correct things as much as most producers do. I think that is a public relations thing.