My $.02 on the JLF
Sound If the clicking on a Happ annoyed you, then don't even consider using the stock switches on the JLF. It's much worse.
Throw Distance I'd say it's probably medium to long. Definitely way longer than the short throw sticks like the Suzo 500 or Seimitsu LS-56
Engage Distance The JLF is known for being one of the best sticks for fighting games, so you'll probably be fine with it.
Bat top JLF can do ball top, or (smaller than happ) bat top with an adapter. I highly recommend the Hand Candy balltops sold by GroovyGameGear. You don't really notice how nice it is to not having any seams or mold marks until you use a balltop that doesn't have them. ...and then there's no going back.
Tension If you want a light spring, then the JLF is your stick. When I first received mine, I described them as "dainty". It was way too little for my taste. I think I ended up with 3 or 4 pound springs.
Durability It's made for a commercial environment and parts are readily available.
As for illumination, I don't like anything lit up except for the screen and marquee....and I don't even want the marquee lit up if it is in my field of view.
That's your call though. Paradise Arcade shop sells an illuminated JLF. (as far as I know, the hand candy balltop I mentioned earlier can't be lit up)
I love my JLFs, but I'm not a fan of them in stock form.
I've spent over $200 testing and modifying them.

I've added:
Godlike controls adjustable optical switches (to get rid of the clicking)
Circular restrictors
Stiffer springs
Hand Candy balltops
I've been playing more shmups lately which would play a little better with a shorter throw.
I bought oversized actuators and round restrictors from focusattack.com, but haven't tried them out yet.
It's going to be a bit more of a PITA than normal to swap them into my setup because I'll have to recalibrate the optical switches.