I have foot problems, too, so I sympathize. I'd recommend keeping the heels as low as possible (my latin shoes are 2 in. and smooth 1 1/2 in.) You might also want to try the thicker kinds of heel for better support. Don't let vanity overrule comfort. Uncomfortable shoes will hamper your dancing and could cause further foot problems.
I also use gel inserts under the ball of my foot (where my foot problems are). The best kind I've found are made of clear gel with no covering. Some people may say that you shouldn't use inserts because you need to feel the floor when you dance. I find I can still feel it well enough with the thin, flexible gel inserts and the reduction in pain is worth it.
As far as material and styles are concerned, it depends on what you plan to do in the next six months to a year. If you will be competing, you'll probably want tan satin shoes (although it is often acceptable to dance "newcomer" at comps in black or other shoes). If you will only be taking lessons and social dancing, you can pretty much go with any material or style you like.
I found a good compromise for an attractive practice shoe at dancehappy.com. They carry Elegance shoes and have a very pretty shoe with a 1 1/2 heel. It's mostly mesh with a small open toe and it laces over the instep for a perfect fit. When I first started taking lessons, I used it for both latin and smooth and for social dancing. Got lots of compliments on them!