Red & white (or white & red) always shows up well. Of course, you could always do a package with all 5 options. 

It would depend on how many textures you're using for the aircraft & their size & format. This can vary a great deal. I would choose one scheme to work with, let's say red & white, & worry about the others later.

Working textures do not need to be particularly detailed or good quality. I use basic 512 X 512 x 8 bit working textures for my own projects. Once they're assigned properly they can be forgotten & finished off later. This would usually be the last job once the project itself is finished.

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Photoshop is an expensive graphics editor used by the pros. If you don't mind paying try Paint Shop Pro which is equally as good & considerably cheaper. This is the one I prefer as I find it much more user-friendly. Limited trial version here. http://www.jasc.com/download_4.asp?

There's no need to go to all that expense for repainting aircraft textures or any other work in FS. Owning professional quality graphics editors will not suddenly make you into a great artist. You have to learn to use them first & have a modicum of flair & talent. M$ Paint is adequate to practice with if you have nothing else. Pixia, posted in the SimV Utilities sections & Photplus5 http://www.freeserifsoftware.com/serif/ph/ph5/index.asp
are both excellent free full programs with all the features you need. I suggest trying them both to see which one suits you.