Need advice about presenting black and white logo .jpg convertion to .ai file

Sorry Iam a new starter here- I only have the artists .jpg file to work with and convert into an .ai that can be applied  on many different supports (website, Posters, Online adverts, banners, T-shirts, CD's and most importantly, digital releases like an upcoming album in digital format) Please see attached .jpg.  I am in my Adobe Illustrator and currently going to do a convertion what size and preset do you advise to use to place it on?.  I will follow below:

• Choose Object > Image Trace > Make to trace with default parameters. Illustrator converts the image to black and white tracing result by default.
• Click the Image Trace button in the Control panel or the Properties panel, or select a preset from the Tracing Presets button 
• Choose Window > Image Trace or switch to the Tracing workspace to open the Image Trace panel, and do one of the following:
  • Choose one of the default presets by clicking the icons on top of the panel. For details, see Specify tracing options | Preset. -would you advise Black & White option?