fairies are more variable in their colouration from species to species and there are currently around 57+- known species (including the yet to be named ones) compared to the 17+- known species of flasher wrasses (including those yet to be named).
fairies outnumber flashers in terms of species by more than 2x. of course a great number of both families are very rare and unobtainable in the trade, but that still leaves you with a fair amount of choosing
flashers look relatively the same. all are red/orange based body markings, finnage etc are very similar amongst the spcies.
fairies are very different amongst the families and many species are closely related and form a "complex". these complex include many similar looking and closely related fairy wrasses and in the family itself, are a few complexes. so there's many variety.
fin shape also greatly differ in the fairy wrasses. especially the tail. we have lunate tails, lanceolate tails, rounded tails, flat tails, emarginate tails, double emarginate tails etc.
some examples..
lunate tail -
C. lunatus (lunated wrasse),
C. johnsoni (johnson fairy wrasse)
Lanceolatus tails -
C. rhomboidalis (rhomboid wrasse),
C. roseafascia (rose banded fairy wrasse),
C. cf lanceolatus (splendid fairy wrasse),
C. lanceolatus
Rounded tails - a great deal of them have rounded tails!
double emarginate tails -
C. bathyphilus (hooded wrasse)
you can also collect them on colour. fairy wrasses come in all sorts of colours.
red, yellow, blue, green, purple, etc.
i won't just stick to fairies only though. you can add some flashers if you like.
flasher wrasses are very active "flashers" and can turn on their incredible shiny metallic nuptial colours (often blue), in a heartbeat and make for a mesmerising display. many have nice fancy trailing dorsal filaments which makes them look very cool.
fairy wrasses can also engage in nuptial "flashing" of colours to impress females or other males.
which ever you pick, both groups certainly contain many interesting species and you will get a run for your money deciding which to add!
hope that helps.