i agree with no less than 8pt, no more than 10pt. for body copy. Don't use times, it's not a very good typeface and is so overused, most untrained people think it's the only serif on the block.
Palatino, Garamond, Minion Pro, Goudy, Mrs. Eaves, etc... are all good serif typefaces.
As for your headline, subhead, and if you are doing anything lengthy you'll department headers too. I personally wouldn't limit myself to just using San Serifs there. But if you are going to use San Serifs, here are some goodies.
Helvetica Neue, Futura, Gill Sans, Aksidenz Grotesk, Univers, Myriad Pro, Swiss, Eurostile, Franklin Gothic, Folio, Etc....
There are also Slab-Serif fonts like Rockwell, that i think can look reall sharp when used properly. Some script fonts can even work well, if used properly. Frenchscript, Fling Plain, etc... are clean kind of funky script fonts.
Really, you need to just look at fonts together and give your self a style guide to go buy. Something like
Body: Palatino 9.5pt, 11pt leading
Head: Futura, Rockwell, Fling Plain <36pt,
Subhead: Futura book, 14pt, 16pt leading. all caps
Department head: Futura Heavy, 24pt
Folio: Futura book, 6pt, all caps
Cutlines: Futura book, 7pt, 12pt leading, all caps.
Credits: Futura Book, 6pt, All Caps
Something like that will give you a starting point, because you have to set rules before you can break them.
-JE