RE: Sight Picture
The trend today, and a good one, is to pick a peep with a hole diameter that lets you encircle your pin guard and then aim with the appropriate pin. Centering the pin guard allows you to see if you are anchoring properly or torquing the bow.
If the hole diameter isn't big enough then you can often drill them out, removed from the string, though. Or if you use a tubeless peep then you can use a Specialty Super Ball peep that is threaded and accepts different size inserts. I find these especially good as I can use a smaller insert for target and 3D and then for hunting just remove the insert and have a bigger hole to allow more light through.