I use a gas oven/cooker so bake my clay. I bake it at gas mark 1/2 or 1. If you don't have a gas oven, just do what it says on the packet. You have to be careful with it, if the oven is too hot, the clay will darken. It won't produce any toxic fumes unless the temperature is really really hot... It's safe to bake at a low temperature. If you bake it too cold, it might not completely harden and might break easier.
As for the time, it all depends on the thickness. You have to bake it for longer than 15 minutes (unless you bake your canes, that's different), but no longer than half an hour. If you leave it any longer, it'll burn. Any shorter, It won't bake thoroughly enough and might break easier.
With your clay you can bake anything metal (though it will go really hot afterwards!) and wood (e.g. toothpicks, bamboo skewers...). There are some glazes you can bake (such as Studio by Sculpey), but you should really check the packet! If you want to make something in to a stud earring, attach the metal post before you bake it. Use TLS to attach it :) If it falls off after you bake it, which it shouldn't, you can glue it back on...
Thanks for reading, I hope you found it useful XD