hmm, let's see I am no expert new to grow myself, but I think i can answer some of your questions...
The location is not important for the valves, I tend to like the middle, but thats if your tray is sloped for a mid drain, some are - kinda nice. Mine is not sloped, drain is an one side of the square tray along with the fill, I just put a 1-3 degree shim under my tray for kicks. I am using cinderblocks as well if that helps you out for a stand and such, ther great, cheap and sturdy.
The 2min flood...If it takes 2 min to flood to your desired hgt, thats great, nice and fast flood, its then up to you to decide on how long it stays flooded before turning pump off. You may run into issues with your pump since it seems pretty large if you keep it going past your optimum flood level, the overflow may not be able to keep up, do a test run...
Generally the shorter the flood and full drain cycle the better, roots start to drown after 30min I believe. I would do: 2min flood + 3 minutes pump on past full flood, then drain. Prolly a 10 min cycle total from flood to drain. thats average good.