The best piece of basic advice, no matter how you cook pheasant, is don't overcook it. I grew up in Iowa, have lived here most of my life, and I have never, ever plucked a pheasant. Skinning is quicker and easier. Probably healthier too, as suggested above.

If you get a 2nd year (or older) rooster, he's a pretty good candidate for the crock pot. Toss him in with some sauerkraut and white wine.

My dad ALWAYS soaked pheasant and other small game (squirrels and rabbits) in cold salt water overnight. I do the same thing. Don't know whether it has the same effect as hanging, but I do know that it seems to draw out more of the blood from the meat.