Excellent! The X-700 is a great little work horse and should serve you well. I still own mine and have had it since about 1995.

As stated above, film choice is one of those things where everyone has an opinion and quite frankly everyone is both right and wrong. My best advice, find one or two films you know you can optain easily like Kodak Tri-X or Ilford HP5. Maybe make one an ISO 100 film and the other an ISO 400. Then practice with only those two films for quite a while. You will learn a lot faster if you keep your film stock consistant. Once you gain some experience you can then branch out and try new things.