No worries that you're new, you can "totally" do this . . . ;D
However, your inquiry suffers from a basic deficiency. You've come to us with, in essence: "I have this part and that part and this other part, so what can I do with these?"
The answer, of course, is that there are any number of things you can do. What do you want it to do?
A 5-way switch will give you more options than a 3-way switch. But some folks dislike 5-way switches, as they're more "fiddle-y" and for stage use some want to be able to more quickly flip between 3 positions.
Now, as far as the Vol and tone controls, you may want to consider using different values for the tone pots since you have a HB and a SC. Conventional wisdom would be 250K for the SC and 500K for the HB, but tastes differ. Different values for the tone caps for the HB and SC would also be conventional wisdom.
If you are just fishing for a scheme using these components, there is a set-up for a HB and SC which I've been pushing someone to try. It's the most interesting use I've seen for a standard Strat 5-way switch with your combination of pickups. There are bunches of schemes which use the more expensive Superswitch™, but Strat 5-way switches are cheap and ubiquitous, and will fit into a Tele control rout without hogging out any wood.