I agree with the sentiment to get checked out with an instructor. Or at least read up on it and fly it with another (long-time) owner from the club. Nothing beats hands on training. Of course the first thing to learn is how to disengage the A/P in case it goes bonkers. There are usually 2-3 ways, learn them all, memorize them. Make sure you can do it in the dark, with your eyes closed, upside down, on fire.
My stab at a simple explanation (disclaimer, I am not a CFI):
- The 50 model has an altitude hold over the 40 model. It does not use trim but tugs on the elevator cables instead. It will light up one of the trim LEDs if it needs help trimming the elevator.
- The STB light does NOT mean "standby". Careful. It means "stabilize", as in "wing leveler". IMHO, it is poor wording but I got used to it. You enable/disable STB mode by pushing the ON/OFF button.
- The knob is useful for doing turns with the A/P but I never used it so far. The knob also has a push button which enables the HDG mode. Intuitive, huh?
- The NAV mode is enabled by the NAV button (if you didn't guess already). It will fly whatever nav signal you're feeding it (LOC, GPS), check your panel.
- I have never used the APR or REV buttons. I would like to try them out one day, in VMC, to see whether I can for example really track the localizer outbound.
I sure hope you can find some useful videos on YT, they should help.