the signal from your pc to your monitor will be 60hz (frequency) unless you plan on going the 3d route.
as for response times, the numbers most companies post is hogwash. there is no clarification on if the number is a minimum,maximum, average response or even what they are measuring. take this number they give with a grain of salt. that said, the absolute minimum (lowest) response time you can get away with is a true 16ms average resposne time. anything lower is better.
as jaguarskx mentioned, led pertains to backlighting. with certain backlighting technologies (where each mini-zone is lit by its own led source) there is a more dynamic dark to light contrast then ccfl. however, on standard led backlit monitors the only thing you might notice is a slight power savings. some people have mentioned led backlighting giving the picture a slight hue, but i haven't tested this myself.
personally i'd go with a VA or IPS panel over a TN any day. with my old ips (viewsonic vp201b) i had at least a 175% viewing angle without distortion or color loss unlike what you will find on a TN panel. The downside is that do usually cost more to purchase. since you said you will be only on a straight-on angle this is up to you.