"When creating a 'Custom List' and a new song is added, it goes to the bottom of the list ... If I want the song to be located at the top of the list, is there a way to do that other than pressing the up arrow once for ever step up that I want?"

I found a shortcut. Has to do with naming and choosing parameters, but I don't remember exactly. I'll look tomorrow when I have the Pa3X at home.

You know you have to "enable list edit" from the dropdown menu at the top of the page before you can change anything.
You should be able to delete songs from the master list if you have List Edit enabled.