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The differences are just certain extra commands etc. If you just find an online tutorial it should matter. All of them should be for the latest one. I wouldn't worry too much about the different versions. Profesional web-designers as far as i know make the base in a web designing program but...
Lets see. 50gbx10=500gb. 120gb server=~100$ p/m. 500/120=~4. 4*100=400. 400*120=48000. So basicly if he gives what he says for 10 years without overselling, he is pretty much giving away 48,000$ for nothing in return.
5gb is too much for free. Even banner ads will not be able to pay for this. Any hosts which offer to give this to you for free (even with banner ads) will probally not last very long at all. Id reccomnd paid hosting for 5gb of space.