Hey Man, good work so far, I've been doing quite a bit of binding at the moment, you are best off with a smooth bind and then using the componant editor to get rid of any nasty little attachments from the bind (say select the left legs verts, go into the smooth skin section in the editor and then see if they are attached to any strange areas like the left fingers, right legs etc etc)

When i'm paintin the weights I set up a simple animation (of say just the knee rotating) and then paint them to get a nice deformation using the timeline to scrub through, then delete the animation, its not an fast or an easy task to paint weights so expect it to take a whille.

Also I would suggest that you paint the weights on the low poly model then use a wrap deformer to apply the low poly to the high poly model, this way you can animate with the low poly (as it will be faster) then hide the low poly geo for rendering