Just quick addition to Frank (#2)'s excellent twist synopsis.
Mike ... the choice of RH or LH is in some ways perhaps arbitrary, tho right is the more common. I fancy the torque effect from right twist (gun rotates left - counter -clock) are better and more naturally absorbed by right hand shooters. may be wrong tho too!
A very broad generalization - twist rates tend to be on low side for lower velocities .. handguns ..... and rise with high velocity rifles. 1:7 is my Mini-14 twist, which is meant to be able to stabilize a 69 grain or even heavier bullet .... as long as they don't fly apart!
Almost
any axial spin is good ... but not much point in trying to ''over spin'' a low velocity bullet .. it is probably used at short ranges ... and the effort required to impart high spin rate is, IMO, going to be quite significant.