My knowledge is more related with the resins used to manufacture plastics reinforced products than with the fibers, but in any case I give you my opinion:
First of all there many types of fibers, glass, carbon, aramide, basalt...with different propierties among themselves.
It´s true that the volum is importatnt, but it´s necessary to keep the correct relation with the binder, the resin.
I think that we must to choose the typ of fiber and the typ of resin focussed on the use of the composite to be manufactured.
The parameters you just mentioned above are directly related to the performance of the final composite. It is hard to comment without knowing what is the target parameter. For example, the viscoelastic properties, flexural strength, etc. tend to increase with an increase in the fiber volume concentration (keeping in mind that the infusion defects such as voids do not increase with an increase in the fiber volume fraction).
Fiber orientation completely depends on the mechanical test you will be performing. As an example, the composites having unidirectional fibers will show you good tensile properties along the direction of the fiber but will easily break with low applied force in the perpendicular direction (as there is no fiber reinforcement in that direction). Therefore, it completely depends on the test type.