Olympic bar is stronger, and the rotation will save your wrists.
Standard bar is probably strong enough for you, and with standard bars you can easily put a pvc pipe over them changing their thickness, and the pipe can rotate saving your wrists. There is more flexability with standard plates because of this. You can easily make thick handle dumbells or even log-like barbells with 5" pipe.
Standard plates have a smaller diameter for the same weight and therefore, better for dumbells, not as bulky.
I recently changed countries and rebuilt my entire gym, I went with olympic plates for the most things, and standard dumbells. I got a few small rubber plates for dumbells and I can sandwich some oly plates between them (screwm lock dumbells) to make up bigger dumbells if I want. And of course can make thick handles from pvc.
But I chose Oly for the main stuff because it was actually cheaper in the UK to get oly plates, because the bar is stronger rated to 500kg, and the loading of the bar is easier I find, coz of the bigger hole etc…
Note you prob. need a 6’ or 7’ bar for virtually ALL racks. Also if tall, a 6’ bar at least to give room to move. On a 5’ bar, there is no room to put in spotters especially for a benchpress setup. 5’ bar is only if you are really pushed for space.
My advice is this: go with the standard plates. Don’t buy too many at first. Get 8 plates of the smaller sizes, then 4 of the 5 pounds, then 2 of each up to the biggest. Then in the future, buy 2 of the biggest each time you need them. Don’t get too much weight at the start as you might wish to switch to oly later on. If you do, your standard plates can still be useful for dumbells etc…