1) This is not the SONAR X forum, this is for <8.5 versions. You'll get up to date answers about X-series up there.
2) Go to, say, Izotopes site and download their free Mastering guide. Or buy books, something like Roey Izhakis "Mixing audio" to learn the basics. Your question is far too vague. No-ones going to start posting any "knob-values" without even knowing if you have done your homework well enough to actually understand the answers.
There are no (or extremely few) "one size fits all" answers, unfortunately.
3) That "feedback" (??) static - is it like crackling/popping or background noise/hiss. There are lots of noise removal programs, free and commercial. For example Audacity has such features. In SONAR you could try EQ for hiss, but crackling is another story.