> So, it's not necessary if I add new control under Text1 name, right?
>

Absolutely. There's nothing magical about the name Text1, except that is the name that is assigned by default

>assign it to the CurrentControl before deleting out the default textbox. Doing this makes it easy to grab any properties that were inherited when the initial textbox was added by default that I might want in the new grid object.
>

Just about any property I might need - default sizing information, for example.