If you'd like to experiment, here are the settings I use for the HP Precision Scan software.

150dpi
Color Photograph (Best)
Automaticlly apply sharpening to photo regions
Detect Page Generation (don't detect regions)
Fixed Page format
Format: Progressive not selected.
Save as .jpg file type with High image quality.

With the inexpensive large disk drives we have these days, I haven't found it worthwhile to economize much in the size of the stored files. These parameters give a saved .jpg file of 75-100KB for a scan of a single chip. If you do want smaller files, you can slide the quality selector down to medium and cut the file size considerably without much degradation in image quality from the compression.

Although I usually scan directly into Adobe Photoshop, the facility built into the HP software gives very good results without tweaking in Photoshop. Write down your parameter settings before you change anything so you can return to them if your system doesn't like my settings for some reason.