Size and material: Any suggestions?
Hmmm... short answer: it depends.
The (much) longer answer: My general preferences are around the idea that I want to be able to distinguish one line from another, so I can grab the right one by sight or feel.
So...
-- my halyards are all color-coded VPC, white with a color "fleck" (port is white/red, starboard is white/green, jib is white/blue, main is white/black)
-- my "working" lines are solid color - mainsheet is solid-blue Samson XLS, jibsheets are solid-black "Globe 5000"
...etc
So, yeah, I like the idea of having the reeflines fit that model. For my reeflines I chose Samson MLX... green for starboard/1st reef, red for port/2nd reef.
I chose MLX because it is low-stretch, it handles chafe and UV exposure pretty well, and it is (visually and by feel) "different" than the other lines around it - I can tell whether I'm grabbing a halyard or a reefline just by the way it feels. Note that MLX is NOT the most comfortable line to handle - it's fairly stiff and has a hard feel to it, but I figured it's not a line I "handle" that much, mostly it will be winched on.
I've gone almost entirely to 8mm (5/16") lines on Makana. It's a decent size, it fits in my stoppers and self-tailer jaws, and it isn't that hard on the hands. I wouldn't go any smaller for any line that I have to handle under load (about the only lines bigger than 5/16" on Makana are the jibsheets, which are 10mm (3/8")
Suggestions? I like "VPC" a lot. Easy on the hands, very strong, low stretch, great for halyards in particular. I also like "Globe 5000 Mk-II" (yeah, there's a name that rolls off the tongue!) Good chafe-resistant cover, good UV resistance, both of which (IMO) make it good for things like jibsheets that are used a lot and constantly exposed. I think the Samson XLS line is "pretty good" - not as low stretch, not as chafe-resistant, but not as expensive, either. I'm not personally a fan of Sta-Set. Not sure why, it seems to be very popular, at least at the marine hardware store, I've just never liked it.
I guess what that rolls up to is... in picking a line, consider
-- how strong it has to be, and whether or not low-stretch is important
-- how exposed it will be, and whether chafe-resistance and/or UV-resistance matter
-- how much you want to spend for those ^^^ two things
-- and then the subjective question of how its size and construction feel in your hands.
In general, bigger lines will feel better and cost more. So it makes sense (if possible) to "handle" a bunch of lines so you have an idea of whether 5/16" is too small to be comfortable, or whether the jump up to 3/8" is worth the (roughly) 20-30% higher price.
$.02
Bruce