For Tor and Ext of some R-module, we compute them from injective/projective resolutions. Between the two books I have available to refer to (Rotman's text and Osborne's Basic Homological Algebra), only Rotman goes on to explain we should think of resolutions as a "generalised presentation" of a module, and that's about it.
So I'm left with a few questions (listed in order of importance). Given we are looking for a resolution:
1) Why would we want to specify that every module in it is projective? (resp. injective, flat, etc.). In particular, why is this desirable/necessary over an exact sequence of modules of any type?
2) Why does it matter which is used to compute Tor and Ext? I see that we 'should' use a projective resolution for Tor, but what exactly is wrong with using an injective resolution, and computing cohomology instead? This question and answer describes the "rule of thumb" without any explanation (which is what I'd hoped to find there!).
3) Why do we remove the given the projective resolution $P^\bullet \rightarrow M\rightarrow 0$, after applying $\text{Hom}_R(G,-)$ for instance, why do we leave out $\text{Hom}_R(G,M)$ from the end? Rotman says that in the "deleted projective resolution" deleting $M$ loses no information - if it doesn't accomplish anything, why bother?