The main difference between cheap and expensive mono and tripods is the weight, construction, rigidity etc, i have a really rather cheap tripod, and a really rather expensive one, the expensive one doesnt wobble when its set up, the cheap one does ! the joints etc are so much better on the Gitzo ! I expect that would be the same on a monopod ! Try setting it up at full height with your biggest lens on and see how sturdy it is, if its enough for you then there shouldnt be a problem, only problem may come when you get a heavier lens !
Sorry cant help with the hints etc as i have never used a monopod, in fact have only ever seen one in a shop !