Standard sewing thread is 50 wt. Hand quilting thread (and what I use on the LA as well) is 40 wt. Thread is thinner the larger the number so the smaller the number, the thicker the thread. I do like the glazed thread for hand quilting. It's is about the same as running the thread through wax to strengthen it. I use Superior thread for the LA quilting. If I waxed it I could use it for hand quilting as well.
As far as color goes, the standard rule has always been slightly darker is better than lighter in color. So, if I have a quilt with lots of colors I usually go with whatever the darker fabric is or use a varigated thread. I hope all this information helps.