I've personally always been a fan of the Muriatic acid/hydrogen peroxide solution. It's dirt cheap, works well at most temperatures and is easily obtainable. In theory you can recharge the etchant and reuse it indefinitely, however I've never managed to get it to work. Also, I've found that magazine paper tends to work better than the photo paper method a lot of people endorse. Again, your mileage may vary. You just have to try different things and see what works best for you.
As for disposal, well this is I'm sure a bit controversial and I'm sure it's still illegal, but the old old old school method is to save up your spent etchant in a plastic milk jug. Once you've accumulated a fair amount of the stuff head over to the hardware store and get a small bag of concrete or mortar mix. Now make a small brick using the etchant and extra water. Let it cure hard then just dump it in the trash. The mix will neutralize the acid and the copper ions will get sealed up inside the brick so it's "relatively" environmentally safe. Yea, over time I'm sure it'll leach out into the water supply, but this will take decades as opposed to minutes if you were to just dump it down the drain.
The "legal" way in most areas is to contact a hazmat disposal company, store the etchant in "approved" containers, and schedule a pickup or drop off. Some places will charge you for the service while others wont. The other solution is to contact your local water treatment plant and ask them what their procedure is. Problem here is that more often than not the person you talk to wont have a clue as to environmental impact, local state or federal law, or anything else for that matter and YOU are still the one that's responsible no matter what they tell you.