Since i'm just getting started, i go for:
5000 racial points
good planet start, 5 planets, high technology
no applied intel (i hate intel).
Medium galaxy (spiral arm/dense from devnull).
I have a hodge podge of my own stuff and devnull mixed with ultimate vehicles mod. Most of the stuff i've changed is to reflect greater scope - ie, larger vehicles (up to 40 mt) etc.
I use high difficulty, but no bonus (i am just getting started
).
I'm fond of the devnull space vikings and 1 or 2 other races that i mix in, with my own custom race (temporal/organic/religious). mostly this is just to test out different theories and tactics and what not till i get more comfortable.