This is a fun stitch, it is the same on write and wrong side. The gauge is not important. You can use practically any yarn. It would look nice in variegated yarn, wool or mohair.
The first photo is my scarf in the indicated yarn. The second one features the same pattern in fingering weight merino. The beautiful yellow on is made by SofijaPa. And the swatch is in Angora 2 held together with laceweight wool.

About edge stitches. It depends on your yarn and what you like. I always work edge stitches in garter stitch but you can slip edge stitch in the beginning of the row and purl in the end of the row. It is up to you. Try what works for you.