My best friend has one very similar to that from her childhood (though hers had a "Transformers" sticker on it). I got her some film, some flash bars, and an hotshoe adapter. We'll have to modify the adapter, which was made for a "standard" 110 and won't quite fit on hers.
Basically, since it is a child's camera, what you have is a shell over a regular pocket instamatic. You can take it apart and have a very small 110 to play with.
As far as film, just use it like you did in your childhood. Get 400 speed film and use flash indoors, or 100 for mostly outdoor use (and some flash indoors). The latitude of color film will handle it, just as it does the "single-use" 35mm cameras they have at the drug stores.
Since you want to use B&W, that may be a little more difficult, but I'd still not worry too much, as modern B&W has good latitude as well.
You probably didn't worry much as a kid, and got useable pictures, so don't worry now. Just have fun.
(To confuse things, I believe the cartridges themselves had a notched tab on the end so the camera could "sense" the speed. I'm not sure the new 110 cartridges really match the tab to the film speed, and children's cameras probably didn't detect the speed in the first place.)