Aim for about 30% sag front and rear in full riding kit. Many people I Know run the rear's too soft meaning they "wallow" into compressions and corners giving a very unpredictable ride. Your in a good situation running air forks and shock, as adjusting this is easy with a shock pump. Are you running duel air, or just air sprung sektors?
Rebound wise, its very much personal opinion. I don't like too much rebound damping, so i get the most bump absorption out of the fork (too much will result in the fork / rear end, skipping over bumps, and a sluggish feeling bike) Yet too little damping will result in a pogo stick effect. Its a fine line but one you will have to generally find yourself. Start in the middle of adjustment and work from there.
Also: Too much rebound damping on the rear will also cause the bike to wallow or bog down in corners. Where as you would idealy want the bike to compress if needed, but mainly stay pert through the turn.
Hope that helps