A more detailed intro

The reality is, as you say, that just because I go to some school with ties to companies, that doesn't mean that I will end up working for said company. That and the people telling me this are not people who know the real workings of the industry.

What good would it be for an artist to attend such a school if they lacked the talent to work at those studios upon graduation anyways? Conversely, those studios to NOT hire preferentially from those schools--they hire the most qualified REGARDLESS of where the artist went to school.
The school don't mean nuthin.

You had mentioned this very early on in the 'So you want to be an animator' thread. I was intrigued and meant to bring it up. For example, I mentioned I liked Real Ghostbusters, I also know where to find copies of character designs from the show. What you would then be asking me, is to trace, to the letter, these characters and when I understand and can duplicate them with ease, to maybe throw in some or Chuck Jones or Genndy Tartakovsky stylings, provided that I practiced them also.

I suggest to pick imagery that is probably more rough than finished, because rough linework tends to be more expressive and revealing than clean-up lines--and its also more interesting to look at.
Most cleanup lines these days are dead-single weight lines and........frankly just boring shit.
I prefer lines like the on hand inked and painted days, or those you can get with FLASH-something that has some dimension to it. Its harder to achieve properly, but it adds soooo much appeal to a drawing.

Use whatever artists material you like, and do try for a variety of styles, including some outside of your usual comfort zone--say Jack Kirby, Charles Schulz, Alex Toth etc. Once you get hired, you'll be working on OTHER artists designs and styles and seldom your own anyway........so might as well get used to the versatility.

There was something else I wanted to ask, thought I don't exactly remember the context... But you mentioned something about figure drawing, is it, or is it not important? If it is, should it be practiced in tandem with this tracing thing, or be set aside before or after?

Figure drawing is important. Its important because its considered a measurable standard of drawing ability, one that is easy to gauge at a glance.
The hand/eye skills that allow you to draw the human figure with accuracy and appeal also allow you to draw anything else with the same degree of skill.
The same mindset that you draw the human figure with is what you use to draw ANY cartoon character wit--there's no artistic distinction between them.
My advice is to practise it in tandem with other drawing, but to use either drawing experience as a exercise in expanding how you approach the act of drawing.
Do not worry about creating good images at the start........the first stuff always sucks. concentrate more on the procedures and the neurology--that is creating the drawing motions: the strokes--that create the proper lines to define the forms. Take a look at Glen Keane's rough studies for Tarzan.

I must say I do feel a little overwhelmed already from the information I've absorbed thus far. I can understand why someone would give up. There are almost too many options, and "what should I do first?" can be a very lethal question.

Yes, it IS overwhelming.

That is the next challenge an artist faces on this road.
Here's the key, IMO:
Intelligent focus.

You need a bit of a plan, and a bit of smarts in going about it.
The usual advice people give is to "draw hands, or draw boats, or draw landscapes or horses or Ren and Stimpy or.....blah, blah, blah..."
Its usually stuff that the artist has not drawn much of before, does not like drawing, and is not able to sustain drawing over and over.
THAT gets overwhelming, because right away you get dropped outside of your comfort zone. THAT where an artist gets intimidated, and then emotionally frustrated to the point they give up.

The solution is to chunk things down intelligently.
The "intelligen" part is to recognize that you are already doing something successfully. We all have something we are an expert at drawing--SO DO NOT STOP DRAWING THAT!
Rather than trying to reinvent the wheel drawing all this stuff you don't feel you draw well, instead take what you already feel you draw well and ADD to it.
That is........if you can draw a cartoon character pretty good, but your backgrounds are shit......draw the character and add a bit of a tree or a fence--something simple enough to tackle, yet gives a good result when pulled off.
What this does is increase your "visual vocabulary": the numbers of things you can draw successfully. Each time you expand the new matter differently, exploring and adding in relevant things.
Keep the stuff in the realm of your interests at first. If you like science fiction, there's zero purpose jumping into drawing Old West imagery or French Aristocracy costumes--unless you dig those things.
Follow your whims.
This way the process stays fun, stays interesting.
If its fun, you'll be engaged, and you'll remain curious and become bold.
That'll keep you drawing and learning....which is the whole idea.