Is there a way to have defaulted data displayed in to a Text Field and if the info is incorrect the person can change it (highlight it and type new data) and if it is correct they can just leave it as is?
You can define an initial value in the field at design time. On the Object palette there is a Value Tab. On that tab is a default value field. What you put in there will appear in th efield when it is rendered and if the field is set to User Entered then the user can change the value at run time.
Click on the field you want to set, look for the Object palette (if it is not visible you can make it visible by clicking shift - F7 or activating it under Window/Object. In that Object palette there is a Value tab. That is the one where you can set the default value.