Multisig wallets for security - a question

With all of the noise around the collapse of FTX and the need for self custody of funds, there is a lot of interest in using multi sig wallets for custody.

What is the best practice in setting up a multisig wallet for long term storage and security of ETH? Is Gnosis Safe the way to go? What's a suitable number of signers and signing threshold? Any thoughts on social recovery and who best fulfills those roles, etc?

Thanks in advance.