Daniel D , Aug 04, 2010; 05:57 p.m.
In general if you plan to do digital alterations (e.g. using Photoshop), the more information you start with, the better. For that reason one would say that 48-bit color scanning is probably the best. However, this means files will be very big and more time-consuming to work with. And it's difficult to say when will you see a difference between 8-bit BW and 16-bit per channel RGB. You may see a difference if you do a lot of adjustments, layers, and generally alter the image a lot and in successive transformations. But in most cases and for most users there won't be any difference.
Best thing to do is try for yourself and see what works for you. Don't go for what other people tell you do do :-) Oh, wait, I just did :-)
DPI-wise, the established rule is that at a normal arm's length viewing distance the eye can distinguish level of detail equivalent to 300dpi. You can use this rule to figure out how big you want the picture to be and from what distance you'll be looking at it and calculate a scanning dpi. However 7200dpi for a film scan sounds like quite a lot, very few films resolve to that level of detail (and very few scanners can really resolve that level of detail, the v750 included)