Setting a release for hunting can be a fairly simple process. There are so many different releases out there and so many different ways to set them, but it all comes down to comfort. Being comfortable with a release to hunt with is just like being comfortable with a release to compete with, or even just practice with in your back yard. I personally use a Scott Longhorn Hunter in the woods and I set it as close to my tournament release as possible. That way my shot process stays as close to what I do all year round for benefits on both ends.
When it comes to firing a shot for hunting, in my experience, you want it to be as smooth and crisp as shooting in your back yard, at a tournament, or at your local shop. Getting a release that you can get set to where it is light enough to where you don't have to force the release off, or not too light where you can't touch it is huge. Being sure you can repeat your shot over and over again the same way raises your chances on harvesting an animal of a lifetime and gives that animal the respect of making the best shot possible to make the kill quick.
Its hard to say exactly how to set your release especially with all of the different releases out there to choose from. But the biggest thing to remember is to find a release that you can repeat your shot over and over again as crisp as you possibly can.