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• Action - New - Status = New
• Action - Hanging Around - Status = Open, Created Date <= LAST 14 DAYS (or whatever the threshold is for the client).
• Next Follow Up - See Action Views, Tasks and Report Alerts

Salesforce Stupidity

• The fact that the Lead Description field goes to Contact Description - Really? Why? The whole point of the Lead is the widgets you are trying to sell, so you need to capture details of those widgets first and foremost. See above for how to fix it. 
• Primary Campaign Name not visible on the page - see https://success.salesforce.com/ideaView?id=08730000000Bq5wAAC
• You can't set the checkbox on Lead Conversion to default to DO NOT CREATE OPPORTUNITY - use this trick http://help.salesforce.com/HTViewSolution?id=000213337&language=en_US

Sample Layout

After the lead has been set up with the client's fields, it will look something like this. Note the different sections that are clearly identifying what this lead record is about. Some orgs may want the Lead Information up the top. 

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