Novice accounting question

[Drew Hope]

So, I'm just starting to use GnuCash and I have pre-existing financial
transactions... and every time I start keeping track of things with GnuCash
I end up with lots of dangling transactions because they reference things
that happened before I started using GnuCash.  I really don't want to go
back and input 20+ years of financial history, but I also want GnuCash to be
up to date as of now...

What's the right way to 'start' using GnuCash?  Just pick a date and do
everything from then onward?  Or should I go back and put in as much
information as possible?

Is there a 'right' way?

Thanks in advance,
Drew

 PS: On a similar note, why are 'Starting Balances' considered Equity?  Can
there just be a magic 'Money from Before I Kept Track with GnuCash' account?
=)