If you do decide to generate income from your blog, then don’t be shy about it. Go ahead, post Ad's and not just one little ad at the bottom of your page, hidden under all the clutter. Take a look at the tools available on the site and use them! Make sure you get any software you might need. Like feeds, search engines, tagging. It's what they are there for.
This will allow you to add You Tube, Google search and other features to your blog site. After you are set up, you can return to Adsense and change/modify your features.
Don't get discouraged, it could take some time to generate traffic to your blog, you could speed things up by linking your blog to other blogs and letting people know your here. Remember this... your not an employee, you have to sell your blog. Make a note of what people are interested in and set up links.
Most importantly!!!! Don't overwhelm yourself! It's important to have fun, enjoy yourself and learn from any mistakes you might make.