Stilton is an open textured cheese that is not pressed like a hard cheese. Yes, you should keep it in an open hoop overnight (flipping every couple of hours). The books say break into 1 inch or walnut sized pieces. I prefer curds half that size so the curds will meld together better. Salting those pieces pretty much stops the acidification process, but it also helps give the cheese an open texture.
HINT - Save about 1 cup of unsalted curds.
Most recipes call for no weight at all with just natural settling. However, the curds will not come together well, so it is tempting to apply a lot more pressure. I personally use 5 pounds for about 4 hours just to help close things up a bit. Then I take the unsalted curds that I saved, warm them to 100-105F and spread it on the surface of the cheese with a butter knife. The idea is to fill in as many surface holes as possible. I then put the "plastered" cheese back in the press for about an hour just to smooth things out.