1. Someone can correct me if I'm wrong but, as long as you use the capacitor (like in the DDL), you should be fine in terms of spikes, and as for stability, I think the PSUs are pretty stable (aren't computer parts sensitive to voltage?)
2. For the PHR, I'd recommend 125mA or lower, but thats just what I use. There are plenty of other ppl who go higher, but I don't think it's worth it. Most people (I'm afraid to say this generalization) usually recommend 120mA (as far as I've seen), so I use 125mA just as a convenience since w/ the DDL you would need a simple 10ohm resistor for 125mA. If you choose a lower mA, just use the formula 1.25V/x where x is the current (remember to convert to Amps, so 125mA would equal .125Amps). If you did that you would get 10ohm!. Or, you could use the same formula 1.25V/x where x is the resistance. So, if you have a 10ohm resistor, 1.25/10 equals .125Amps, or 125mA.
The above equation works because the LM317 uses a reference voltage of 1.25V to set the current. And yeah, I also don't like working with pots, they annoy the sh*t out of me when trying to set the current for a driver.