This all totally depnds on your sculpt btw, if it's a simple shape with no undercuts you're going to be fine. I always advise mould release, I personally prefer paste wax, but it's not always ideal, sometimes spray wax is better, but for a rough surface spray wax is usually pointless and expensive. To give good advice on the moulding I'd really need to know what you're going to mould? Is it a phone case? Is it a bust? Is it full of holes to lock in the silicone?
GENERALLY 'the pink stuff' as you so eloquently put it, will be fine for most well released things as it is designed for moulding. There really are tons of moulding silicones out there and it's totally down to preference as to what you should use. Don't worry too much though, occasionally you can blag a free sample from companies too, let them believe you potentially want tons, ask for several different types for reaction tests and depending on the company you can get some free stuff!
fortunately, even if you totally goof on the release, you can generally soak the clay out, obviously you'll lose your sculpt, but that's why you're moulding it to begin with
then fast cast is your best bet for your 'plastic' casts. It's ****ing horrible stuff, and will rot your body away in no time, as it goes off it gives off cyanide gas, no one ever seems to mention this, but trust me, working professionally with it I've seen some really horrendous reactions to it. Wear gloves and a respirator, if you can't get a respirator at the very least do it outside on a windy day, then once it's out the mould, leave it to finish curing for a good 24 hours to make sure the oils are gone before handling it! Anyway safety lesson over, again as with the silicones there's are tons around, it's totally preference, most fast casts will go off against most silicones, so there's no real worry!