I'm in the middle of creating my first Squidoo Lens and have been doing some studying.
Here's how I've approached it.
1. Created Lens using a keyword
I added the word "Now" at the end, since the keyword I want is already taken
2. Created a sign up page near the top.
Informs people about the free report and lets them opt-in to my list.
The page has an ebook cover.
3. Placed 2 separate articles in the Lens which are unique and has my resource box so they can distribute the article.
4. Linked to my blogs' RSS feed
5. Update this lens about once a week
6. Email my list and tell them to rate my Squidoo Lens
7. Digg my Squidooo Lens and mention it in the articles I submitted to EZA
8. Use Propellor, StumbelUpon and OnlyWire to social bookmark when the Lens is updated
9. Create a Survey related to the product
I'm don't have much experience with Squidoo so I do appreciate if you can chime in with additional comments/feedback on what more I can do.