Yes, that's the place, you should just be able to copy one of those lines and make your changes (you don't even have to make a phrase if you don't want to, you can just put your text in there).
I think a user can choose whether or not to have their age displayed, but I don't think there's a global setting. If you dont' want to take it out because you're concerned about figuring out how to replace it, you could do this:
Code:
<if condition="0">
<if condition="$post['age']"><div>$vbphrase[age]: $post[age]</div></if>
</if>