http://www.walmart.com/catalog/produ...01201935156036
This is a pretty cool deal and within your budget.
And a name brand.
As for your questions,
my TV maxes out at 1080i (so most of the time runs at 720p) and it does the job well enough. Never have an issue with it.
The second, I believe is the refresh rate or something like that, and I hear products optimized for them look glorious so I would aim for 120 if not 240