I rebuilt and lost my songs folder, and is there a way I can reset the check marks next to the songs? So I can still know which ones I have dl'd ><, call me OCD but whatever =P.
I don't think there is a way to do that. I'm pretty sure they stay there as long as your account is active.
This is correct. As of now, there is no way to clear out the list of media that you've downloaded. This might be implemented in the future, but I don't see it as being a huge priority right now. We've got some huge stuff that we're working on behind the scenes, so most of our resources are going into getting that stuff up and running.