I'd tend to go no lower in plane size than a #4 unless you've a small build, but you'll find the longer sole of a #5 will tend to give you a flatter initial planed surface prior to smoothing with a #4 and the longer plane is better suited to edging work via shooting board - although I prefer to use a longer #6 plane for the sake of improved linear accuracy. Ground @ 25* and honed @ 30* using a suitable combination stone will give you a decent enought edge on standard bevel down plane irons.
Bevel up planes can handle more fussy/irregular graining better than bevel down planes due to bed and cutting angles, but a well tuned bevel down plane.
I'd honestly try not to get too tied up in the differences between bevel down and bevel up planes unless you're thinking of moving on to using planes on a more serious level, because availability and costs can become much higher than bog standard planes from older makers. The more common bevel up planes you'll tend to find are block planes (With and without adjustable mouths) before moving onto offerings via Lie Nielsen, Clifton, et al., while more common and less expensive bevel down planes via Stanley, Record, etc. are still well within the realms of professional useability. e.g. we all used Stanley, Record, Miller Falls planes before Lie Nielsen, Clifton, etc. came onto the scene.
A basic set of planes could be;
#4 Smoothing plane.
#5 Jack plane.
60.5 low angle Block plane.
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