I use sunlight for playfield GI, and cool/natural white for the backbox, especially when the translite is a little yellowed (the cool white helps offset the yellowing).

For inserts, I usually do 1SMD for the smaller inserts, 2SMD for slightly larger, and 4SMD for largest. No lens. Sometimes I'll use flex head bulbs for certain situations.

I color match red, blue, green, and purple. Clear, orange, and yellow get natural white.

For flashers, I generally use 5 SMD for bulbs that are directly visible and 8 SMD for bulbs that are hidden under plastics/ramps/etc. Sometimes I'll use flex head for certain situations, or something brighter for other situations. So far, I haven't color matched flashers.

Personally, I've found the insert colors to be much more vivid when color matching (on reds, blues, greens, and purples--yellow and orange doesn't seem to make a difference).

I probably keep enough bulbs on-hand to do at least 2-3 games.

But yeah, there are quite a number of variants when you have multiple colors, bulb types, and socket types. It took me a few games to figure out which bulbs and how many to keep on hand.