Hi, Amy! You're right - we're in Memphis. There's a huge group of us here, who I found under "United States of Adoption" on the forum when I first joined. It quickly got me connected with the families in my area and is a huge help during the journey!
We were just recently in the same spot as you - trying to figure out how to be proactive while we waited to hear back from the inquiry and then the application. I wanted to go ahead and schedule my home study (ours was an update, though), too, but Elizabeth suggested we hold off since a home study is only good in TX for 6 months. By getting it completed too soon, you'll cut down on the time when it's valid and potentially spend un-needed money. We scheduled our home study (an update in our case) for 2 days after we'd return from orientation. That way, if something changed, we could just cancel and there was no harm. The ladies at Abrazo can most defintely give you the most sound advice for your particular situation, though.
One thing I'd really suggest is getting started on your profile. I worked for over 2 months on ours and (with your orienation invitation), you'll receive samples from other couples. Photos are important and you can see other couple's 1st page on the gallery. Our total profile was 6 pages with a focus on photos more than text. We did ours digitally, but I know many families handmake theirs, too. Our 1st page should go up in the gallery sometime soon, hopefully!
You can go ahead and ask for reference letters from friends, too. I believe 2 non-family references were required for both of us.
This is the time to do lots of reading, too. We were lucky enough to borrow books from another family here in Memphis, but I know there are threads on the forum that give suggested reading. You can often find them on Amazon.com for low prices when they're used.
And learn as much from the forum as you can, assess what you're comfortable with, and mentally prepare for your journey, too! Let me know if you have other questions and I'm happy to help!