Found Something that works for what I need to do :)
For 1) in the questions, Resource 1 shows how to modify the Backlog Iteration on the Team i created. Using this, i was able to assign a backlog iteration to my team.
For 2) in the questions, I found that the "Areas" and "Iterations" are used in the "Classification Nodes" of the API. So I was able to use Resource 2 to create an Area using the API. Then using part 2 of Resource 3, in Shamrai Aleksander's answer, I was able to add an Area path to the team i created with part 2 of Shamrai's answer.
Resource 2 -- https://learn.microsoft.com/en-us/rest/api/azure/devops/wit/classification%20nodes/create%20or%20update?view=azure-devops-rest-6.0#create-an-area
Resource 3 -- https://stackoverflow.com/questions/60950391/how-to-update-area-path-for-a-team-using-the-azure-devops-api
This gets me where I need to be. :) If there's another/easier way to do this, i would still love to hear about it! Thank you.