I have had to resort to a timer (count-down, not count-up) many times over the last few months. A timer is something I would occasionally resort to even in normal times, and would use a timer of between 25-45 minutes. Now sometimes I set a timer for 10 minutes just to get me actually doing something because there's no other way.
What do people recommend in terms of how I should organize materials? Whatever works for you. I found the easiest and cheapest method was hole-punching the top left corner and using rings I bought at Staples to separate each section. Professional cerlox binding looks nice but if you want to rearrange or there's an error, good luck fixing it yourself! Some people just use good old staplers. There's no right answer. The exam is largely a page-flipping exercise so your organization method should cater to this.
Is it true to that it is recommended to just skip the whole Tax section? Don't skip anything. What you focus on is a different story.
Better to update old indices or make my own or buy one? Like @baklava, I made mine in a group. It was annoying to do but probably helped a bit or at least it gave me peace of mind. I'd never have paid for an index though. If you read the materials, highlight well, and learn to work the ToC, you'll be fine.
Where do I find old indices? My group worked from an index from friends who had written the bar the year prior.
Should I be updating indices as I read the material? Or should I read all the material once, highlight it and then go back and update indices? If you plan to update indexes entirely on your own, as you read the materials, that sounds like a humungous waste of time with very limited payoff. Either work in a group or learn to use the ToC. Don't try and create an index by yourself, that is way too much work for one person. If you create a group index, yeah you just update as you read that section, so reading that section will take you longer than the rest.
Is there a recommended amount of time we should spend on studying each day? Do the math yourself. How many pages do you need to read? How many days do you want to read them in? Divide one by the other. Read that many pages a day.
Is it worth it buying practise exams and doing them? Do we have time to do them? Practice was absolutely essential for me. If you can access free exams great. If you can't, I guess you'll have to buy them?