Do you mean that option where you have 100Hz, 1000Hz, 250Hz and so on? Note that it's Hz, not MHz. The parameter specifies how often the timer interrupt runs. The higher the number, the more responsive the system potentially is. It uses more time every second in the timer routine, so higher number means (small) performance degradation. Note that, if I remember correctly, previous kernel versions used 100Hz and that was fine. Higher value is for real-time tasks and high responsibility. Normal user will rather not notice it.
You can also safely choose voluntary-preempt. The difference is in the number of places when switching can take place. When the kernel is not fully preemtable, certain passages may still use the processor when there's someone with better reason for it. As in the previous example, most users will not usually notice. Full preemption is designed for real-time systems. It brings an extra level of complication in certain places. If you do not have a clear reason to use it, you probably do not need it.