"How would I make it so that EVERY renderable object in my game can have a bounding sphere around it?"
Simply compute the max extent of your object (assuming its origin is normalized) and you have the radius for a virtual sphere for radius level collision.
If you wanted to visualize a sphere like that simply make a unit sphere (radius 1) model and bring it in the normal content pipeline. Give it an effect with semi-transparency (say alpha blend value of about 0.2) and feed it to the rendering engine with the same world transform as your model and a scale transform set to your models max extent (also multiply by your models scaling if any)
"How would one go about creating a level designer to create 3d levels,"
I suspect a 3d modeler package is probably even a more involved project than a 3d game... I suggest finding some other modeler and find a "just works" solution. XSI 6 Mod tool looks excellent, although it seems way over my head for the time being. I am using Sketchup, although you will need to pro version to make xna compatible files.
I don't want to put you off making a level designer however. But look at the triangle picking sample before you commit to such a thing...