If Linux: Do not bother creating a /stand filesystem as it is not used, the closest thing on a Linux box is /boot however it is not necessary to have this as a separate filesystem on your system.
If you do create this as a seperate filesystem I would just recommend making it your favourite journalled filesystem that is by default included in your distributions kernel.
I would strongly recommend against choosing any kind of filesystem not included in your kernel by default as recovery WILL become a complete pain if you run into any problems.
If HP-UX: I believe that it is still the case that /stand has to be hfs (At least this was true up to and including HP-UX 11.00). You cannot select vxfs as it is not available at the stage in the boot process where the filesystem has to be mounted.
/stand m-u-s-t be hfs for a reason that is easy to understand : the hp-ux boot loader is a very small code, and its functionality is limited to the minimum. Therefore, it searches for the first logical volume on the boot device, and tries to decode it as a HFS filesystem. In this filesystem, it searches for vmunix and boots the kernel.
To summarize : /stand must be HFS and also must be the first lvol of the boot disk.
