A mixer uses the output from one channel to modify the output of another. The most common use is with a model that has multiple props, to vary the speed of the main motors while turning in order to turn tighter, or even turn on the spot with no forward movement. The Sabretooth ESCs allow you to select from several mixing modes and also to disable it entirely and have two independent speed controllers, in case you have a transmitter with dual throttle sticks. I believe the Action P94 has this function as well.
Having excess amperage rating on your ESC is a good idea, but unnecessary if you're going to use fuses like in the diagrams. Fuse at or slightly below your electronics amp ratings to make sure they're never damaged. I have fuses in some models and in others I know that the maximum current of the motor, stalled, is well below the rating on the ESC.