Hey Christopher,
Usually when they ask for the lengths you want, they are asking in general terms. My supplier sorts based on 8-10' long, 10-12' long, 12'-16' and maybe another catagory. The longer boards are little more expensive.
For me 8-10' is a good size (I have also bought 7' long from somewhere else).. The longer pieces have potentially less waste, but they are a bigger pain to handle and store.
As far as what species to get.. What is your favorite? If you like cherry, maybe get 200 bdft of 4/4 (about 1 inch thick) and maybe a little 8/4.
The 8/4 will take longer to dry. Think about it.. you can waste quite a bit and still come out ahead.
If you go this route, you probably should invest in a jointer, planer, and moisture meter (hartville tool sells a decent moisture meter). The meter lets you know when the wood has completed drying.