What are the rules of thumb for intercepting and tracking VOR and LOC courses?
the rule of thumb for IFR flying, including intercepting VOR and LOC courses, is the 5Ts:


Throttle: turn the throttle to initiate a climb or descent 
Turn: to the new inbound or outbound heading 
Time: reset the timer to time the
new leg 
Twist: the OBS to the new course you're intercepting  
Talk:
if you are at a reporting point, you should now use the radio