Thanks Jagadish - I will take some time to read through some of the articles in the link you provided.
Thanks Vivek - this was MOST helpful!!!!! 
I just have one more question. I tried to remove the Change Advisory Board field and I got the below error:
"Standard configuration cannot be deleted in a customer system"
Therefore I stopped immediately before making any changes. If making changes like this, do I somehow need to create a Z-version of the Component? Or a Z-version of the View? It seems like this is the only way to remove fields.
Also, lets say I did change SAP standard (i.e. changed the wording of a field), is there any way that my changes would be lost if we upgraded to a later support pack etc?
If you could provide information on this you would be an absolute legend 
Thanks
Shaun