The closest thing the Octatrack has to “presets” are Projects, Banks and Parts. Those are probably the types of things to look at for programming your live set. I think the manual “wants” you to set up one Project per song, then put them all into one Set which represents your… well… set!
For live looping, the Master pickup machine seems to be stable enough. Slave pickup machines seem to be less stable, but it could be i’m just doing something wrong. There are workarounds for the lack of undo, though I’ve never tried them. Before the Octatrack, I was using a Line 6 DL-4 and EHX 16-Second Delay Reissue for live looping, and neither of those units had undo - as a result I’ve never needed to use undo. If I screw up, it’s just my bad and I need to practice more… or I keep the mistake in and let the Octatrack turn it into fun noise!
However, I recently picked up an Akai Headrush E2 on clearance for $89, so I’ll probably lean heavily on that for live looping, and just use the Octatrack to sample it as I please.
There are several threads now on this forum related to Octatrack + guitar, one example being an interesting one in which the OP figured out how to sample his guitar in an automated fashion - some weird trick that involves assigning a certain type of machine to a track, then assigning a different one to it.