I was able to try out this list I made today at my FLGS and went 2-1 with it with the lose coming against a single phantom that had one hull left.

Wedge

Airen Cracken + Swarm Tactics

Biggs + R2-F2

Blue Squadron Pilot

I'm still new to formation flying and whatnot. I tend to set the Blue and Biggs in the front with Cracken behind them and Wedge behind them as well but more off to the side. Is this correct? Also, what kind of asteroid placement would I benefit most from with a squad like this?

Thanks!

Generally you should have biggs in the back to force longer distance shots, something like Cracken with Wedge behind and Blue with Biggs behind. If you can, get Biggs on the side of your formation away from your opponent, even if they end up getting a range 3 pot shot on cracken or the blue that can still be good because it spreads the damage and allows biggs to be efffective for more turns. I might lean towards a hull upgrade on Biggs instead of R2-F2, makes him beafier then you can use action for focus to help defense dice. Plus you could even use the focus to be offensively defensive if needed, no better defense than to eliminate a threat. Just my two cents