RE: String Peep or Timberline No Peep
I have a No-Peep and I love it. It's sensitive enough to let you know if you're torquing your grip and it forces you to have a consistent anchor - much more precise than the string peep, IMO.
As for setting it up, I'd say close your eyes and draw your bow to a comfortable anchor 10 times - an anchor that you feel you'll naturally go to without having to think about it. After you're comfortable with that anchor, adjust the No-Peep to that spot. Sometimes it takes a lot of time at first, but just be patient. You can do it by yourself, but it takes a little longer. Be prepared to draw your bow quite a few times during the process.