Looked at DP Review on your camera
http://www.dpreview.com/reviews/spec...minolta_5d.asp Even though they don't have a indepth review on the camera they do show some information on it.
In reguards to white balance you can either leave the camera on auto or set it on one of the daylight settings, they may have a cloudy/overcast setting. WB really comes into effect when shooting under artificial light, don't know if you remember the old tungsten film that you could load into the camera. If you have a gray/white card you could shoot a card at the begginning of your shoot to get a good white point in the scene to click on using a white balance tool in RAW, or even a clean sheet of notebook paper in a pinch can work. You can put it in a corner of a shot where it isn't being shaded and you can crop it out later.
Since you have done film the digital camera isn't much different, one advantage is being able to instantly preview your shot for exposure levels, no film advance cranking, able to shoot 50 or more shots without having to change out flash card, and a few others. Disadvantage is a dead battery turns it into a great paperweight. (some of the old school film camaras would still shoot manually with a dead battery at higher shutter speeds). So for the first few times out I wouldn't use the review screen unless you have backup power so you don't end up running out of battery power.
Major debate on longterm storage of digital images, actually safest is some offsite service as long as they don't go under.
Most Expensive is just filling up a flash card and storing the card! Saw a comparrison a while back that shows DVD storage of photos cheaper than CD storage per image but both have unknown but limited life spans vs old B+W negatives which have surpassed 100 years now since some wetplates are still usable that were shot during the civil war and B+W negatives are not much different.
There was an article in the Wall Street Journal talking about the shift to digital from film and how the storage issue may mean billions of pictures taken now won't exist at the end of the century. But one advantage to digital storage say on a computer system is the cataloging and cross indexing that can be done in a snap compared to doing that with film/slide negatives.
I say just go out and have fun! At least you won't be spending $100 to develop and process a hundred or so pictures!