In Script path I'd expect this to start with a '/' to form a full path to cron.php. So if httpdocs was in /opt then this would be /opt/httpdocs/moodle/admin/cli/cron.php.
Yes, * * * * * means every minute. From the manual page:
The time and date fields are:
field allowed values
----- --------------
minute 0-59
hour 0-23
day of month 1-31
month 1-12 (or names, see below)
day of week 0-7 (0 or 7 is Sunday, or use names)
A field may contain an asterisk (*), which always stands for
"first-last".
(Moodle also uses this notation).
If you select "Cron style" in Run that can you type * * * * * in the box on the right?