This is a two parted question that deals with two different Modules "User" (or even possibly "triggers and actions") and Profile2. The main task is to have a user dynamically placed within a user role based on the information they submit within the user registration form fields. Presently, I have the form set up with a taxonomy button list. What happens next is the user should then be given a profile type that they can edit after the account creation is complete. Can you help?
Checkout Auto Assign Role module.
You might need some customization or might have to play with the rules module as well.
One of the easiest ways with the UI is to use Rules. Create a new rule that is set on either when a user creates saves a new account or saves a new profile (or what ever the instance is that prompts for role change). Then you set up a condition of a matching data comparison. Then have it change the user role.