best advice is to prepare it the day/night before and let it chill out in the fridge so the flavors can mend... like a good sauce.
i like the traditional spanish style:
1 lemon, 1 lime, 1 orange, 1 1/2 c rum, 1/2 c cane sugar, 750ml dry red, 1 c orange juice (i substitute triple sec - 1/2 c)
but i always find myself throwing in apples, sometimes pears... you could play around with some liqueurs, they add a nice touch, or carb with prosecco.
bogle or borsao are affordable and easily found in the Spain section of the wine store.. these are grenache wines, key ingredients in riojas. I wouldnt go crazy, my price point is usually 6-12 a bottle depending on the company, the amount im making, etc. You can always resort to budget merlots, or anything that is dry, lightly oaked, with mild tannins.