I've had a terminal male Vanuatu Hooded (C. bathyphilus) for almost a year now. Very mellow for a Fairy Wrasse. He's in my 125 with 6 other Fairy/Flasher Wrasses. Keeps to himself except when my C. laboutei tries to chase him around (he will chase him back). Definitely one I would recommend assuming the tank and tankmates are suitable. I prefer the looks of a the Vanuatu variety myself, though it is personal preference. Coral Sea variant is not as often collected IIRC, so is more rare to the trade.
As far as the lifespan, there is a thread on this forum about Fairy Wrasses. In general, it is believed they live 5-7 years IIRC. The problem is when you buy a full sized terminal male, you don't know its age and so it could only have a year or two left. These are not Tangs, Angels or Clowns that will live 20-40+ years in captivity. That is one of the reasons I prefer to buy juveniles (along with they are cheaper, and generally ship better).