Permalinks setting for static home page

I have had a WP blog for years, but am now creating a new website, using WP as a CMS. New to this.

I’ve made a static home page, and looking through Codex, I note that one of the instructions for a static home page is: “Enable “Permalinks” to show the “page title” in the address, since /index.php?p=423 defeats the purpose of making a static front page.”

I currently have the following Common Setting selected in Permalinks: http://localhost:38453/index.php/sample-post/

Looking through these Support forums, I came across some advice that the following Permalinks setting should be used if a static home page is required: http://your_site/title_of_page/

I assume I’d put this in as a Custom setting. Is this assumption correct?

Thing is, I intend to have a blog as part of the website, so if I used the suggested http://your_site/title_of_page/ Permalinks setting, that wouldn’t show up new posts, would it – only the static home page?

I have probably gotten my wires crossed here. Would be most appreciative if someone could help in uncrossing them!

Cheers!
Ross