Thank you for your sincere reply Big Andy, brutal honesty is exactly what I need right now and I am not being sarcastic. But my thread might have made it sound a little more dramatic then it actually is.
Basically these people are new to the business themselves, their real experience lies in commercials and music video clips, but they have already shot a very amateur film which was shot in a very short period of time and I was hired to help them edit and mix. It is a free film which will be distributed over the internet, not exactly the quality that I could be proud of, but I needed the job. Their extremely low budget could not cover any professionals so they hired me, since I am pretty cheap at the moment because I am very new and desperate

So they decided to keep me for the coming sitcom job as well.
Apart from a few editing jobs I previously got for a few films in another studio, that particular film is my only experience on this business. I am however not so new to the overall technology, have a basic understanding on how things work, make music, got a degree on it too not that it matters for many, can use PT, Logic, Cubase, trying to get my head around MaxMSP etc. etc.
The sitcom is a comedy series which will be along the lines of lets say, How I met Your Mother or even Married with Children. Just a couple of fixed locations ie, living room, kitchen etc. Everything will be recorded on set, not very crowded, just a hand full of actors and actresses. We will shoot 2 pilot episodes this coming week and hope to get them sold to a TV channel by the end of the month. I take no part in anything but the sound work.
The people themselves have no understanding of sound but seem to love telling me how they want things done and they are insisting on doing everything with 2 boom mics (apparently that's what they have been suggested by some so called "pro's") and record everything on set, unless of course I come up with a better idea. For the foleys and effects, I guess I can spend a few nights in the set just recording everything I need, as most furniture and location will never really change? Unfortunately at the moment there is not much budget so we have to compromise on some quality. However that will all change if they sell it and in which case I am assuming they will also be able to pay some studio for the final Dub? Not sure what that actually involves. So for the moment the 2 pilot episodes will have to be shot with whatever we got in hand, but if we succeed we will be able to hire more people to help and also buy more gear and maybe even a PT HD system! Which I know I need it but cannot afford it right now.
Oh and I do also own a pair of Mackie HR624's...
So what do you think? Also about my original questions?
Thanks again