Can anyone here help me set it up so that each individual user has a bandwidth limit rather than an overall for all users combined without having to go in and individually set up each user with a separate limit? Please help, P2P downloaders are killing my networks bandwidth and every time I try to set up a limit it does an overall limit and there are too many people to individually limit each one.

You can try to do it by PCQ,
http://wiki.mikrotik.com/wiki/PCQ