Routing questions (and FreeSCO)

Am trying to set up a FreeSCO ( www.freesco.org ) system as a
router/firewall... can anyone help a little

* Freesco box is to sit at a colocation site, with a subnet of
32 static IP's on the internal ethernet (and the rest of the Internet
on the other ethernet port). So this is a "router," right?

* The Freesco setup is a bit confusing as I'm used to setting it up
for Network Address Translation (NAT) where the connection to the
Internet-at-large is thru a single IP on the router box... but here,

  - I assume I set up the internal eth0 with the network and subnet
    for the internal addresses (i.e., netmask 255.255.255.224)... but
    what network and subnet do I used for the external eth1?

  - Freesco setup has "NAT Masquerade and Firewall" as a single option..
    will it do Firewalling rules *without* NAT?

Any help much appreciated,

\\/