How far up the pipe should I put the ferrel before tightening it down?

I thought all you do is tighten the nut with your fingers until it won't go anymore, then 3/4 turn with a wrench and you're done?

I always start with the ferrel and nut about a full inch up the tubing. When you bring down the nut to catch the first thread it pulls the frrel into the proper position. Usually a little more than a 3/4 turn. Tighten with a wrench until quite snug

Yes, about one grunt, a little grunt.