For light painting with a small LED torch, should I point the light at the object or toward the camera?

Either approach can work, but they produce different looks. Pointing the light directly at the camera usually gives a stronger visible light trail, while shining it onto the subject illuminates the object instead. Which is “better” depends on the effect you want, so experimentation is key.

For choosing a small torch, power ratings alone aren’t very helpful. Apparent brightness depends on more than wattage, especially the beam focus/reflector design, and cheap lights often have unreliable specs. In general, a brighter light gives you more flexibility, though an overly bright one can be harder to control in a long exposure.

For color, different colors simply give different visual results. A practical option is a good white LED light plus colored gels, which lets you change colors without needing multiple lights. But if you prefer, having a few different colored keyring lights also gives you creative options.

Best advice: try a few lights and test both methods to see which look you prefer.