A band saw is like any other tool, the quality of the cut has more to do with the skill of the user, than the precision of the tool. There is probably no other tool that is more mis-understood and abused than a band saw. 90% of the stuff I read on the internet about band saw adjustment and usage is garbage.
I have an 18" saw that is about three times the size of your new saw, I can put a 2" blade in it, but 1 1/4" is really the practical limit for a saw that size.
A 3/4" blade is pushing your saw a bit, and there is really no reason to use a blade that wide in a saw that small unless you are cutting really thick stock, or cutting fat tube. I had the same saw in a different color and gave it away. It was a nice machine, but I could not get full tension on wide blades with out twisting the casting, and have the wheels go ever so slightly out of alignment.
A 3/8" blade will cut every bit as straight as a 3/4" blade. In fact, you can pull the side guides out of the machine an it will cut straight provided your feed speed is properly matched to your rake, and the tpi and gullet are matched to the material. The side guides are for making curved cuts or bringing the blade back into the cut line, they are not for keeping the blade straight during a straight cut. If you need the sides guides to cut straight, the machine is not properly set up, or there is operator error. I used steel guides in my machine for years before I invested in ceramic guides with no issue, and I still use a steel guide behind the blade. The rear guide should be considered a wearable part that needs to be dressed or replaced at need. If you must use a roller rear guide, do not use one whose axle is perpendicular to the blade - it will wear a groove in the race and twist the blade each time you start a cut. A proper back guide should have its axle parallel to the blade so the blade skims the side of the race and wears the race back evenly. I prefer solid to roller guides on the side. Stuff tends to get between the roller and the blade since you adjust them to zero clearance, solid guides allow dust and small debris to pass by.
The wider blade does a better job of absorbing the shock of tooth impact, the more teeth in the material, the greater the impact pressure on the blade. Too many teeth and chip removal becomes and issue. Use a 0 rake tooth for steel and other hard metals, use a positive rake for brass and other soft metals.
I would just toss a 1/2" variable tooth in for general shop work, and buy an assortment of tpi's and rakes for specialty work when a quality cut is needed. Since it will be a rare day that stuff does not go from saw to mill/lathe, I would get a 3/4" 0-rake for large tube, and a 3/8" hook tooth for brass in a couple of different tpi's. Brass and cast iron tend to clog up the gullet if you have too many teeth in the work.
A final note. Always detention the blade after use, always. The easiest way to ruin a band saw is to leave it under tension. My big saw has a level for quickly doing this. It can be a hassle to turn the crank down, put a piece of tape with a pen mark next to the tension scale so you can return it to the same spot.