Hey OrganicTruth. If you want responses to your specific questions, it's best to start your own thread (possibly referencing any threads you think are relevant) rather than resurrect an eight year old thread that's only barely relevant.
For the first few days you should be fine with just the non-airtight lid (as long as fruit flies can't get in) or even a towel, but after that you're going to want a bit more protection. There's no such thing as "allowing too much CO2 to escape", you want it to be able to leave freely. It's allowing oxygen in that's the problem later on in the fermentation (after it's used about half of the sugars available). You'll learn really quickly that an airtight seal on something fermenting makes for a lot of excitement, the reason we typically use airlocks is to maintain the same pressure inside the vessel as outside the vessel without allowing oxygen or contaminants to freely enter the vessel. For short-term solutions, I've found that plastic wrap with an elastic band or tied down with string makes an acceptable seal, as long as you're not opening it up and playing with it all the time... if it's still creating CO2, then that will be causing the direction of flow to be out of the vessel rather than into it, thus protecting it to some degree from oxygen and contaminants... it's when it's stopped producing CO2 that you'll have to be more careful about it.