Either one. If you want your DoTs to be more powerful though, go with Affliction, though an Affliction/Demo build is viable, I prefer complimenting my Afflic with a little Destro.
The Felhunter we can all get, I think you ment the felguard, which yes, you need 41 points in Demo to get. He is basically a more offensive VW with less armor. he can be great if you spec right for him and enjoy that style of play. Many here like it, I couldn't stand not having my Affliction goodies though.
It's really up to you, 'locks can be good in any of thier trees, it all comes down to which playstyle you prefer.
On gear, before 40, you want +sta, +sta, some +int and more +sta. After level 40, you start seeing gear with a lot of different things like +Spell Dam, +Crit chance, +hit rating and so on. What you need kind of depends on your spec, but +Spell Dam and +Sta are still highly favored by all specs.