In terms of return/hour you are much better buying and holding atm imo. Mining research is time consuming and returns aren't what they used to be.
As for buying you can maximize your investment buy picking the cheapest exchange and buying when that exchange is cheapest relative to the other exchanges. I would recommend spreading your investment across the 3 or 4 main cryptocurrencies. These track BTC fairly closely but give you more diversification.
I'd go with 70% BTC, 15%LTC, 15%PPC. You can purchase all of these at BTC-e which is also cheaper on average than the other main exchanges.
Before you buy look at the prices on
http://bitcoinity.org/markets and check the other exchanges. If BTC-e is the cheapest then it's a fine time to buy. If not you're better off waiting a day or 2.