Understanding monitor/printer profiles?

Jeff Peterman wrote1.
I shoot RAW files and open them in CS5 or LR4 with the sRGB profile/color space applied.

2. I can set my "working space" in Photoshop. Currently it is set to sRGB, but I could select the ASUS PA248 profile of my monitor.3. I've started sending my photos in highest quality JPG to Costco for printing. I can send them with the sRGB or Asus PA248 profiles applied (which appear almost identical on my monitor) or with the Costco printer profile (Noritsu 3411) applied (which makes the image look much worse on my monitor).

3. I've started sending my photos in highest quality JPG to Costco for printing. I can send them with the sRGB or Asus PA248 profiles applied (which appear almost identical on my monitor) or with the Costco printer profile (Noritsu 3411) applied (which makes the image look much worse on my monitor).

4. When I send the photos for printing, I have them printed in "auto" mode, which lets them adjust the colors or "manual" mode, where the colors are not adjusted.

My questions are:
1. Am I correct in thinking that in CS5 I should edit my photos in the Asus PA248 color space to match my monitor, then apply the Noritsu 3411 color space and save then save the file specially for sending to Costco (ignoring the appearance on my monitor when this profile is applied? If I'm wrong, please let me know what I should be doing.

2. How do I handle any of this in Lightroom?