"most important" or "before anything else." It is the practice of prayer (making <b>requests, prayers, intercessions and thanksgivings</b>) that is most important. Paul is not saying that he urges first, nor that it be first <b>all men</b> for whom believers pray.
"in a way for which people will respect us." When paired with <b>godliness</b>, it means "in a way for which other people will honor God and respect us."