Yes, you could maybe start a little higher if you wish, but generally speaking it's best to start a little lower to get people bidding. A lot of sellers, including some friends of mine, swear by the penny start auctions. I've never been that brave however on these higher dollar auctions. They say occasionally they lose money on one here and there, but as a whole, they think they do better on average.
I wouldn't set a Buy it Now. Reason being is I've seen a bidding war take off and it seems like it will surpass the Buy it Now price but of course rather than doing that, someone will just hit the Buy it Now button. But, that does of course give you the possibility of it ending early if you'd really rather it end earlier.
You've seen the market on eBay so you know how odd it can be, you sell 1 widget for $5, the exact same widget next week for $7, then another week for $25, then back to $5 the week after for no apparent reason. It's a fickle mistress.