Since you're developing via Visual Studio, you don't use a "build.settings" file. That file is only applicable to Corona Simulator builds. So, the configuration that you normally put into a "build.settings" file you would have to do yourself as documented by Microsoft.
For example, a lot of the WP8 app settings can be found by double clicking your project's "WMAppManifest.xml" file. You would set your app name, version, and supported resolutions/capabilities/requirements here.
You app icon/tile images are under your project's "Assets\Tiles" directory, which is the standard WP8 location for them (this is a Microsoft thing too). This means you should not include "Icon*.png" files found in Corona sample projects, because those are only applicable to Corona Simulator builds as well. In Visual Studio, you have to set app icons/tiles Microsoft's way.
You would also set your app page's orientation and status bar setting via the "MainPage.xaml" in XML. Just double click on the "MainPage.xaml" file and you can see those settings in the XML panel.
The "config.lua" is still applicable. You only need to exclude the "build.settings" and app icon files that are normally in a Corona Simulator build. I hope this helps getting you started.