I'm Looking to set up a new WP site traffic expected to be 50k per month. I was recommended signing up for managed VPS-1, but not sure how to get WP on that and whether I should choose that or the Managed Business Level WP. Cost difference is not critical to me
If you just plan on having the one site, I'd go with the Business Level WP, but if you would like the option to add more sites then go with VPS-1. You can google "softaculous wordpress" that will be the easiest for you and it will automate things like backups and updates for you.