So basically you're just looking to calibrate your monitor for your console.
Do you also use the monitor for your PC?
If so does the image change when you switch between the 2 inputs?
If so then that's a problem. If not then that's good.
It's assume for a moment that you are using it for both PC and console and that the image does not change (or doesn't change much) when you switch between them.
Check your DVD movie collection, it's likely you'll find some that have some a TV calibration tool some where in the extras or setup menus. The movie The Increditibles is a good example of this. Run through that. It'll help you to adjust the brightness and contrast. Those are the 2 really important ones. After that the rest of test most likely help you since I've any monitor that has a Sharpness setting and a few that have settings to control the Red, Green, Blue levels.
Another options, since the 2 inputs doesn't change their view, is to use your PC to and Google: monitor calibration. There you'll find a few dozen sites that can help you calibrate it correctly. If you can go to web sites on the console then do it there as well just to make sure there is little to no difference.
Other than there isn't really much of a right or wrong way to calibrate the monitor. It really comes down to what looks best to you. If you don't like the way it looks when you follow the calibration tools, then at least to what it should be for a good base line that you can then tweak to however you like.