Can I add a regular address and have it auto-lookup the location for me in the map?
You can’t auto “look up” a regular address. The following solution probably comes closest to what you need: (1) In settings, change the default center and zoom location so it always shows that as a default in add or edit mode (2) enter the name of the location in “name” (3) choose the location by selecting it in the map.
This way you will always be centered around your default location when you add or edit an item. And also, the name of the location can be searched for.