I also read years ago that a good starting point to get used to the game is to pick the Championship side expected to come right in the middle of the table. That way not too much pressure so you can just enjoy.
Huddersfield. Already got a good squad for League 1 so you won't need to invest too much first season. Good home gates and no debt after the 1st season. Generally give a good budget to work with as well so you should have no trouble building.
Rushden & Diamonds! Okay, that was relevant in CM3...not so much now. Honestly, you can probably win promotion with most lower league teams as long as you take advantage of free transfers, sell any overpriced players, and find a few good players on loan.
I'm currently in my 9th season with East Stirlingshire. Have taken them from the Scottish 3rd Division and am now in my first season in the Scottish Premiership. In my first season in the 3rd Division I went 15 games without a win so if you're looking for a club where you will have time to build a team I recommed East Stirlingshire!
I love playing with Blyth Spartans in BS north just because their name is Spartans
Blyth is actually a pretty easy squad to advance with for the first few seasons too and they have pretty good facilities to start with. The small stadium becomes an issue if you don't have decent cup runs early on. Blyth, Eastwood and Dorchester are the teams I've had the most success with.
Bradford has given me a lot of enjoyment for 11 seasons. They were in the Premier League 10 years ago, but hit a rough patch. The big stadium is useful when you take them up the league system since it saves you time compared to the L2 competitors which must have a stadium built already in The Championship - and then you need to wait 20 years for another new one...
If it doesn't have to be English I recommend Oviedo in Spain. Huge fan base, good sized stadium, no debt, realistic aims without pressure. Probably the best lower league team in manage on FM. Also were in top league not too long ago and need to get back up to where their rivals play. Only problem is that in Spain the game between the third and second tiers is huge and it's really hard to step up when you don't have money to spend. Much, much harder than playing English leagues due to there being minimal prize money while in England there is loads. Would recommend giving it a try for a change. Tenerife is another relatively big club at that level. Much better squad than Oviedo but they have debt.