Omnibus 1 is all before she gets to Sunnydale. So it happens before the first season. I think there were some references to stuff that ends up happening, but you shouldn't be lost.
The first.... 20% or so of Omnibus 2 so far has been before season 1 as well, but it looks to be getting into season 1 shortly.
The biggest thing though, is that something that happens in season 5 (I think it was season 5) of the show... that had ramifications for the past... does show up a lot in the Omnibuses. It's not confusing, but it'll be a different way to get into the Buffy story.
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