You can also use 800 and 1000. The faster the film, the shorter the exposure. The only drawback is that faster film tends to be grainy looking. I will get into this later. Another option is slide film.
Transparent film is desirable because it eliminates the print process in print film.
Here is a letter on slide film. You can, but using color film is desired only because color film captures true color of the sky. With color, you see the true colors of blue and red stars and certain Nebulae. Unless you are doing special photos, use color. This is called vignetting.