The biggest "do" of the job is that you need to make sure that you put what's best for the world as a whole over what's best for any one individual owner. You also have to make sure that whatever rules you have in place apply equally to all 31 owners, whether it's the great guy who everybody likes who's been there since day 1, or the insufferable jerk who just joined last season. If you start making exceptions or play favorites, then you're not doing the job effectively.
This means that there may be times when you're going to find yourself in a position where you have to make a decision or enforce a rule that's going to **** somebody off, and you're going to take some flak. When that happens, make sure you refer back to the first thing I mentioned above . . . . what's best for the world must trump what's best for any one particular owner. If the majority of the world is not going to be on board with that, then you've got a world that's not committed to being strong and successful.