The main reason to traverse the Great Hollow is for the multitude of Chunks you can find on the way down. Not to mention a small handful of crystal lizards. It will take a number of throwing yourself to your death to grab them all, just make sure you pick up the Ring of Cloranthy from the central area of the tree. You will go inside the hollow and fall through the floor, it is on the ledge just outside.
The second reason for traversing the Great Hollow is to get into Ash Lake, home of the Stone Dragon Covenant. This is also a dead end, so if you don't have means of teleportation, touching bonfires down here means you will have to walk all the way back up the Great Hollow. Ash Lake has one major danger that persists throughout the area until you take care of it, so living may not be an easy task your first time through here.
As far as progression, if you just killed Quelaag and rang the 2nd Bell, you don't want to dive further into Demon Ruins, even killing the first boss, Ceaseless Discharge is ahead of your path. When you rang the 2nd bell you saw a cut scene of a gate being lifted. That is Sen's Fortress and you can access it near the bonfire located inside the Undead Parish, near Andres the Blacksmith.
You can either go into Sen's, or go to Darkroot Garden/Basin and kill a few bosses there, or take the bird back to Undead Asylum and get the Peculiar Doll item and kill Stray Demon, heck you can even kill Pinwheel the first boss in Catacombs. I just wouldn't attempt plowing through Minor Capra Demon's and Minor Taurus Demon's in the Demon Ruins, seeings as though you just beat those bosses a short time ago.
Edit: And yes, for curse you want to buy a Purging Stone. Oswald sells them in the Bell Tower. I think the Undead Female merchant might have 1 or 2 also, but perhaps I am mistaken on her.
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