There is never a 'best' that is not dependant on what you are doing.
If I am saving a photo for me to print, it will be in PSD format.
If I am saving the photo for someone else to print, it will be a high quality JPEG.
If I'm am saving the photo for web use, it will be medium quality jpeg.
If I am saving the photo to give to someone else, it will probably be a tiff.
As for the baseline options with jpegs, it does not really matter. With old slow dial-up modem speeds, it made a difference to the person downloading the photo but with broadband internet I don't think it matters at all.