Greetings.
Welcome to TRF. At risk of being physically assualted by Beff (don't ask), I'll use his catchphrase:
Use at your own risk.
Anyway, questions are good. We like people who come and ask questions, as opposed to just diving in headfirst.
Timeline: You're probably confused because TRF's timeline diverges from the canon (EU Star Wars) around the Black Fleet Crisis. Most of the events listed on the timeline are TRF canon... stuff that has happened in the TRF universe.
In short, lots of stuff (the massive Vong invasion most notably) never occured. TRF is currently set around 40 years past Episode III (although the timeline states 42, some amount of time has passed since the last events recorded there. I would estimate it being around 45 years since Ep III at most).
Characters: You will not be penalized for having a long, detailed character sheet/biography as long as the material contained in your bio doesn't serious conflict with TRF canon or is otherwise illogical bullshit. We recently had a new player try to create a massive, ancient, superpowerful Empire in his biography, as well as insinuate that Han Solo was a member of this Empire.
THAT WILL NOT FLY.
However, since you asked some sensible questions and seem reasonable (at first glance) I doubt you'll be causing those kinds of problems. If you're not sure if something will work, ask. There are plenty of people who will tell you whats ok and whats not.
Starships: TRF used to have a very long and detailed set of rules. However, in an attempt to simplfy the game somewhat, that set of rules has been replaced with one rule (and a host of unwritten rules in the fashion of Common Law).
The one rule is (to paraprhase slightly): What is reasonable and passes the common sense test is acceptable.
Could a new character show up with a fully crewed Eclipse Super Star Destroyer? NO!
What if that character has written a long a detailed story describing how said ship was obtained, is currently crewed, paid for etc? NO!!
What about a fleet of ISDs? Again, No.
Could a new character start out with one medium sized, canon, vessel, like a nebulon B firgate or something in that vicinity?
Probably. If its realistic, sure.
Hope that helps. Have fun, and enjoy.