Green or, most commonly 532nm is the most visable to the human eye. There is a bell curve that I'll try to find a link to that demonstrates it but, When trying to compare equal brightness, it takes considerably more power in either red or blue to match the brightness of green. This isn't exact but just for illustrative purpose, say you've got 500 mW of 532. In order to get 445nM (a common and inexpensive source of blue) to look equally as bright, you might need 2.5 watts. Same with red, if you want 650nm to look as bright to the eye, you might need 4 watts. So, for high visibility, your best bet is the green. To look the brightest on a building at a distance, green is simply the most bang for the buck. Due to the recent surge in cheap 445 blue diodes though, you can homebrew a very high powered blue that will look as bright as the green but will still need to be multiwatt. And, with techniques such as knife edging and buying necessary optics, to get that much blue in the first place, you may be better off with green.
Yes, you may use the Etherdream DAC with the REKE or, any other form of DAC that utilizes the 25 pin ILDA standard connection. Getting an analog green versus a TTL green should be a minimal increase in price. Again, a not exact example would be $800 for a 1 watt TTL green versus $840 for analog. The price difference is usually minimal.
edit: j4cbo beat me to it as I was typing my response.