From my admittedly incomplete understanding of projections, they should all be equally precise, at least within reasonable limits. Its just a matter of using more decimal places. The main difference between projections are what aspects are "true to life" and which aren't. For example, some projections preserve N-S distance, others E-W, others preserve area at the expense of distance, still others preserve constant bearings or true bearings, and some just try to minimize a variety of errors. If you're working in a small area, I'd recommend using the appropriate UTM zone for your area, as the distances are "true" N-S and the zones are set up to minimize E-W distortion within a zone. If you're working on a larger project, use UTM if it is oriented N-S, or a Lambert Conformal Conic if it is oriented E-W. For a fuller discussion of what you need to know, read the answers to this question.