re: Is there a template you would recommend I use?
really, any template which supports pagination will do, cMap is the most popular. I’d say choose based on the design you like best. I do not recommend the Excerpt, Slim or Tile templates as they do not support pagination, however, their Plus variants do so they would work.
All the templates have live demos and links to live sites using them to give you idea how they look and function.
re: Once I change the template is there anything I need to do to the shortcode on the page I would like it to be displayed on?
Honestly, that depends on the template and what you want to do. I would say shortcode options are optional.
Hope that helps!