ya... the default trace script is way to overpowering in most cases... you will want to tune that down to a specific data set you are attempting to gather. Most of the time I belive MS114 (Don't quote me on that) is the heavy hitter.
it depends, but you want to look at the insert, update, delete, user perm modification actions. Typically if it's not HIPAA related or super sensitive data, you can comment out or filter out the select statements. It just depends on the reason for the logging.
