Hi Nate,
In addition to the good answer you already got, you can also change your sequence timecode by right-clicking in the record side monitor and selecting Get Sequence Info, which brings up a window where you can change the timecode.
Or if you don’t like that way, you can display the timecode of the sequence in the bin, and click on it to change it.
As for color correction, Xpress Pro has color correction built in. Take a look at the bottom of the timeline where there are four buttons for source/record editing, trim mode, effects mode and color correction mode.
good luck,
Carl