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Would I be right in saying that in gerneral with an effect as insert you would send the whole dry signal thru and vary the wet/mix to taste, and with an effect as send the wet/mix setting is set to maximum and then you vary the amount of dry signal sent?

Generally yeah, since Aux/Send signals get mixed back in with the rest of the mix, so if Dry isn't completely off at the Aux output, and whatever effect you are using induces some latency, you'll get 2 copies of the original signal that aren't phase-synced and get interfere with each other. Which can be fun and interesting sometimes, but it'll definitely mess with the signal itself. Turning on Phase Compensation in your mixer/seq software can prevent this, but you'll still get 2 copies of the signal.

With inserts it isn't as bad, it depends on what you want. I've gotten some pretty awesome results by using a reverb as an insert with a completely wet output .