The ip address you put in doesn't matter, but I would recommend something different from your home network to avoid confusing the operating system. Most home networks are 192.168.1.x. With x somewhere between 1 and 249.
Changing the third number to something else will provide that separation. Since I've seen 1, 2, and 100 in that third position, I'd probably go with 103... Ymmv
One of the things I found infuriating was that the error box pops up center screen. If you have not moved the e1.31 setup box before pressing ok, the error box will pop up behind the settings box and you cannot get to it to select cancel. Solution: be sure to move the e1.31 box away from center screen before pressing ok.
You need both to check the act box and select which interface to use.
The start channel is the LSP start channel. It's best if that is equal to: (the DMX universe # - 1) times 512 +1.
For example: uni 1 = 1, uni 2 = 513, uni 3 = 1025, etc.