It does depend somewhat on the source material. Some printed material will have screens through it which will show up in the final image as weird lines.
You can scan as a bitmap which typically is good only for text or material that is going to be converted to paths. Greyscale is a good option to be able to convert to black and white with more ability to tweak the results. You can just adjust in Photoshop prior to converting to black and white.
As others have said it is probably best to play with the options until you find the best work flow.