Just to have a more clear answer in case others click on this thread in the future, 1.0 is the version you want 99% of the time IF you plan on playing on N64. However some routes and tricks are only possible on wii VC, and the only allowed version on wii VC is 1.2. So if theres a specific category you had in mind to run I'd check to see what version is optimal for it, or be okay with never being able to do the fastest route.

I think it definitely helps to have game knowledge but it's not necessary. It is a great game and I'd recommend playing it casually first to get a hang of basic movement, but a lot of the glitches are easy enough to pick up. There is a trick for almost everything in this game so what you put in is what you get out, every category has multiple routes with varying levels of difficulty, the hardest being fastest but you dont need to start there. It takes lots of time to learn all the hardest strats but you can start with easier ones. The learning curve might be a little steep if you jump in with no experience but it's worth learning imo. If you're just looking for something to pick up in a day or two though, I'd suggest you find a different game.