@Morris is a heavy-hitter - he knows what he's talking about.
bandwidth - if memory serves, yours isn't a symmetrical connection; In an asymmetric connection like yours, packets are trying to fit out of the smaller hole to get out of your network rather than the bigger door into it - that's where they need lining up and right-sizing: on the download side set unlimited, on the upload side set between 90-95% of the speedtest result. 87% might be right, or 92%...keep testing your bufferbloat until you hit A/A+
Priority queuing - the sorting takes time, and not every website broadcasts the right metadata for the sorting to work, so besteffort is much less crap than a confused QoS trying to sort things based on how they smell (for all intents and purposes - routers don't have noses and electrons probably don't smell like much). until the tagging/attribution is more uniformly used and correct, everything tends to end up in one bin anyway. don't stress/obsess over this.
For RTT, ping your provider's homepage (presumably hosted on the server at the end of the first hop from your router)...I'm guessing the setting here that might be best for you is metro
as far as setting it up, follow the options/syntax in the script you launch on the command line with cake-qos. I can't remember which option it is (or they are), but it's a simple and clear interface. you'll do fine.