Ini format is rather simple: entries are key/value pairs, with an equal sign between each side. Comment lines start with a semicolon.
The php.ini is fairly well commented. I'd suggest commenting any lines out, rather than removing them, and restarting the webserver or running a command line app to see that startup goes okay.
Which lines are needed and which values are okay vary depending on your server config and the php programs you intend to run.
The default timezone setting is http://www.php.net/manual/en/datetime.configuration.php#ini.date.timezone
There are a few session related config parameters. I suggest reading How do I expire a PHP session after 30 minutes? for info on session lifetime.