Hello Ranger 413,
Hmmmmmmm, a lot of considerations here!
Since there is no right answer, I'll tell you what I do. Hopefully, the other shooters who have preferences will tell you about their approaches too. Learn a little something from a lot of different people, form your own opinion, and jump in!
I bought a SS 14" factory Match .22 rimfire full-bull barrel from T/C to put on a SS Contender frame I had. I took off the iron sights, plugged the front screw holes with some stainless screws from my local gunsmith, mounted some T/C DuoRings and a Swift 4X scope, then got a Bullberry hangar-bar and glassed it into a Bullberry laminate forend with Marine-Tex, then I put the barrel on the frame and thought I was ready to go. Here's a picture of the setup.
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The reason I thought I was ready to go was that I planned to use CCI Stingers in this Match .22 rimfire barrel. WRONG! My particular barrel won't take the Stingers so the action won't close. I tried six or eight brands of ammunition that did allow me to close the action and they were all terrible at 50 yards. Now what? I happened to have a very large quantity of the cheap, bulk-pack Federal rimfire ammunition from Wally World that you mentioned, so I finally tried that out of desperation. It is the best ammunition for my barrel, and I generally get groups of .75" to 1" at 50 yards which is perfect for what I do with the gun. Since I have a factory barrel, I'm sure it's nowhere near as accurate as some of the barrels the other guys have here that came from custom barrel-makers, but I like mine and it works for me. I don't worry about balance since I shoot with a bipod almost exclusively, but I think you could do a lot worse than using a 14" barrel with an extra-long forend - it provides a certain stability that short barrels don't have. It also gives you a longer sighting radius if you are using iron sights.
Just my $.02 worth, I hope there was something of value for you here. Maybe the other guys will chime in with their ideas and opinions too.
Safe and good shooting to you and good luck with your barrel choice(s)!
Javelina