Mpix claims they use Perceptual in their process, so best to use that when soft proofing. But 90% of the time it won't make any difference. Only comes into play when you have vivid, highly saturated colors that are way out of gamut for the Mpix profile.
Black point compensation is an Adobe only thing. Usually makes no difference in the soft proof. Just leave it on.
The Simulate paper color is often called the "destroy my image" button because it makes your image look dull and flat on screen. In my experience, it does NOT match the final print. Leave it off. Ditto for the Simulate Black ink.
But after you get your first prints back from Mpix, judge for yourself. Cycle through the soft proof options and compare to the print. And do that for several prints, including ones that are out of gamut.
The main problem people have with matching screen to print is with brightness, not colors. Soft proofing only shows you color matching, not brightness. If your screen is too bright (and most are), prints will come back looking much darker than the screen image.
Also, make sure you select "do not adjust color" when ordering from Mpix. If you don't, they will adjust color automatically and all bets are off.
I use Mpix for small prints (wallets, 4x6) and have been very happy with the results.