My machine will sew with anything, but my favorite piecing thread is Presencia 60wt 3 ply cotton. Harriet Hargrave recommends it as well.
Superior Threads makes a very nice cast iron thread stand you can use with any sewing machine, I have one for each of my machines as I always use large cones of thread... as you said, much more economical.
http://www.superiorthreads.com/shop/...ndcone-holder/