I have read yes and no, What I am wondering, if I use custom post types will I 
be able to assign it to an rss feed, for example, a press release?  If so is it 
automatic, or will I have to set something.

Have a look at my comments on ticket #12943:
http://core.trac.wordpress.org/ticket/12943

You can get a feed for all posts of a (custom) post type without a plugin, and you can change which post types appear in the default feed with a few lines.
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