Good guide for a beginner. Just a few tips to add:
1. A redstone torch next to a land mark will shoot out tracer beams 64 in all directions. This makes it trivial to place the other 2 landmarks. To get the frame up, break the redstone torch and rclick the marker in the middle (same as HeatHunter said)
2. I usually quarry over the ocean. No blights on the landscape, instant obsidian, and being (mostly) static water, very little lag. As for the oil, the pockets are fairly well contained in the water and can stay there.
3. Using a bucket of monster essence will displace both oil and water if you get a decent cover. Tip the bucket in the corner of the first layer and walk away and it will cover the entire area in 8 layers. The only time lakes and oil become a problem is when they are in the sides, which is reasonably easily dealt with by bricking them up.
4. Deep storage units and itemduct are pretty easy to get up early. You can make a primitive sorting system to get rid of the cobble/dirt/sand/gravel to leave you with roughly a double chest of good stuff from a 62x62 quarry. Upgrade to ender chests asap to save having to move the DSU/pipes each time.
5. Energy production is a bit tricky early on without using the bugged generators. I usually use a few energy cells. 1 hardened cell roughly equals a double chest of stuff. Tesseracts are the way to go later on for energy.
6. Mining in the nether is a complete mess. You used to be able to use oil/sludge/sewage to deal with the lava but it is still problematic. Oil tends to catch on fire (still does the job though). Nether also seems to have a peculiar habit of leaving stray columns of netherrack in the middle of the quarry, not sure why. Admittedly this was in 1.2.7, haven't tried 1.2.8.