I don't think there is a champ spec that is the best. It's more situational and what style you like. Yellow is very good for AOE damage, while red is very strong in single target damage. With enough trait points, you can have skills from both lines, other than the capstone skill of your secondary line.
Personally, I enjoy yellow line because I only play solo and having good AOE damage allows me to deal with a lot of mobs very quickly.
Both are good, since you have 2 tabs for specs you can try them out and decide which one you like more. If you are thinking what traceries to use on legendaries, then one of the best ways is to use rune with traceries for both specs and weapons with trait line specific traceries. For now 2h are better than dw, but it doesnt matter a lot if you are not gonna play raids where you need every little extra. Also i can recommend guide on lotrohq site, it has most of the things you need to know about class.