Thanks for explaining. I chose to do the wipe because the 1TB drive only had about 350-400MB of space available even after I deleted about 30GB of files (yes, I made sure my trash was empty and also restarted a bunch of times), so I thought wiping would help clean it up a bit. I can't be sure exactly how much space is actually free on the drive because it seems that 350-400MB was not accurate.
In terms of how many passes, I set it to "zero out."