It'll be a race to see who responds first, I can see...
You've got a couple of things there. The PCL is what you'll use in the aircraft. The paper version of the checklist has extra stuff on it like the script of what you're supposed to say when ("Battery above 10 volts, ignition light on, oil pressure light off, blah blah blah"). You can use that to study for the CPTs but they'll take it away from you after your first couple of CPTs. The empty "blue brains" is for whatever you want to put in there. Things like your kiddie approach plates (which you haven't gotten yet, probably) and the TW-x On Scene Commander checklist. As a student, you won't need a whole lot in there. You'll see IPs w/ more in there for various reasons, and it might not all be flight school stuff. I had one for the fleet that was my own, plus we had squadron blue brains w/ local/tactical info.
Hopefully that made sense.