Dvips won't work unless this is correct. If you want to work with
pdflatex as well, you need to add a reference to the map file to
pdflatex's config as well, the same way.
*.sty files go in ~/texmf/tex/latex/local
or whatever directory you have nominated as the place you keep
local/personal additions to your installation (TeX Live 4
suggests ~/texmf.local, for example).
*.tex files go in the same place if they are a part of the font
distribution. If there are many .sty and .tex files, create a
subdirectory called font within the local directory and put them
there.
2. Is there anything special about compilation I need to know.
Only (critical!) to remake your index. Run one of
configure --update-fndb
maketexlsr
texhash
or whatever the indexer is called in your installation (see your
documentation). Until you do this, your new files will not be
usable by LaTeX.