EDIT:
Okay, just a few things with the object level path tool that I want to try and figure out: For one, is there any hotkey or anything that will -close- the curve when working at the top level (IE, while creating new points)? And also, I'm assuming there's a button for stepping back a point in the curve while creating points, but my searches haven't really turned up anything. Is there one?

The path object doesn't seem to like closed paths at all, something to do with it being a bezier curve. I think it would be an RFE even to have it work with closed paths at all let alone have a hot key for it. It needs various changes to the path creation network to get it to work.
As to stepping back through the path on creation I don't think that is allowed either. Just sling down your points and then move them to where you want afterwards.

I think it's the same as the Curve SOP: hit the delete key to undo the creation of your last point.

Yeah when you do that or crtl Z it ends the operation so you can't carry on putting new points down.