I don't have a "best anything" solution, but I'm using these settings:
configure log filter DefaultFilter add events BGP.NeighborMgr.PeerFSMDegrade configure log filter DefaultFilter add events BGP.NeighborMgr.PeerEstTrans configure syslog add x.x.x.x:514 vr VR-Mgmt local5 enable log target syslog x.x.x.x:514 vr VR-Mgmt local5 configure log target syslog x.x.x.x:514 vr VR-Mgmt local5 filter DefaultFilter severity Info configure log target syslog x.x.x.x:514 vr VR-Mgmt local5 match Any XOS' "Info" setting isn't very spammy, but includes pretty much everything I want. And in my example, I'm interested in BGP peer states as well.
As to snmptraps, sorry, I use them only rarely. I'd rather have everything in one (syslog) place and grep the raw syslog (be that on a siem or standard syslog server or both), but that may just be me.
I know, I probably didn't help much at all, probably because I struggle with that on every device: "What is it that I could possibly want to know, how do I configure to log that, and why did I forget about that one thing that'll happen and NOT notify me". And yes, I guess you're in the same boat 😉