Aside from breaking the policy into six identifiable sections, entering urls in the standard form e.g. http://url.com will automatically convert them into web urls. You can also use the substitution codes to replace your blog name and your admin email address within the policy.To do this use @blogname and @email.
The plugin should be relatively easy to use straight out of the box, if you need to change specific parts of the Policy it is quick to do. When you press the update button, be aware that the changes are effective immediate.