SM vs MM HF after PE

Fellow Monkeys,

I'm a PE associate at a UMM with a couple years of experience. Looking to get into the HF space and want to learn more about MM vs SM funds. I understand that the models are a little different (MM L/S = shorter term holds, SM = 6-18 month holds). Can someone explain:

1) Is MM or SM the best place to start? 

2) Can you move between the two?

3) Since HF pods / funds can blow up, would it be *relatively* easy to come back to PE? Which type of HF would de-risk this career move?

Thanks again for all the help