Defenders first...is the rule I follow. These are where you will get most benefit from having a higher lvl/CP
Prestigers never get dust. It is too valuable to waste - for prestigers simply catch one that will evolve to the CP range you need it to be. IV is less important, and so getting the right CP range, with the right moves is far more important. A decent prestige team can be built without spending dust, and only using candy to evolve...not power up.
Saving your dust...well that part is a personal decision. Some say, live for now and play the game we have - others will tell you not to do anything.
Personally, I am going for a mix of both - that is, if something needs dust/candy then give it to it, but I am keeping a little in reserve as insurance (around 200k minimum stardust) so I can react should things change.
These are just my way of doing it, I am sure others have a different preference that suits their play style.