I was in the same situation a few months ago and have been spending quite a bit of time since then with the 5150 I got, and have learned a ton about it in that time. I think I got a bit lucky with the one I ended up with, because I didn't know much about the differences between different ones at the time. But I ended up with a late model that has all the factory upgrades, and then the owner himself had upgraded it as far as it could go beyond that.
I think as far as specific things to look for, look for a 64KB-256KB motherboard (this is printed right on the board), look for the last BIOS chip (photos
here), and look for add-in cards/upgrades like the aforementioned Six Pack Plus. Don't worry *too* much if you find one without any extra add-in cards because you can always buy them later for not that much money. But I'd make sure that you at least get the floppy controller and some sort of graphics card; you need those, so it's kind of a pain to buy the computer and then have to immediately go out and buy the necessary cards to really make it work. (Some people selling bare computers just take everything out of them to sell separately, sometimes not realizing that they've basically broken the functionality of the machine by doing so.)
Also, I personally am happy to have a CGA machine, which has the side benefit of supporting artifact color through its composite port (only really usable for games and demos, but still fun). But other people like the monochrome machines for various reasons.
I think that in a way it might be fun to see what you could do with a very early 16KB model, but as far as being able to support the most software and hardware, I'd look for a later one.