LiteSpeed is very easy to manage, and you can always as for help here. There are some server administrators familiar with LiteSpeed can help you if something cannot be fixed by yourself.
If you want to manage the server yourself, no need to order managed server.
You should have a hosting control panel like directadmin or cPanel, it will help you a lot.
For LiteSpeed license, 2-CPU should be the best choice, but if you are on a budget, 1-CPU should work well for you as well as you site is PHP/MySQL powered.