What does one look for in a blank? An art dealer on the Normandy coast of France once said to me, "If a painting speaks to you, buy it."
As has been said, it can be like taste in women or any number of personal choices. If it speaks to you, then you move to the technical, objective considerations:
What species? Juglans Regia is the king of walnut for a number of reasons (color, figure, density, elasticity, tensile strength, etc.) . What region? France is considered by a number of stockers the most desirable, but war is not tree friendly, so it is not easily obtained. NorCal often has feather and fine mineral lines, with some of the best known as "honey and smoke." When you see an exquisite example you will never forget it. Turkish can be dark, a hint of red, with broad mineral lines and a more mottled, muddy figure. But if a blank speaks to you, the region will be secondary. Slow growth is usually best, with the tightly spaced growth rings it exhibits. Quarter sawn (especially in the head) is highly esteemed, with its superior resistance to the pounding of repeated recoil. Age is important (4-6 years off the stump before many stockers will touch it), but how and where it was dried can be just as critical. Many stockers eschew kiln dried wood, as it can introduce stresses into the blank that don't show up until it's turned. Case hardening can be beautiful with metal, but is disastrous with wood.
Avoid defects such as checks, voids, inclusions and the like, but they are not necessarily deal killers in the hands of a competent stocker. And don't fall for the ole wive's tale that any figure in the wrist is to be avoided. The rhythmic undulations of fiddleback have no significant affect on strength, and are very sensuous.
Finally, much wisdom flows from those who counsel against putting too fine a stock on an average gun- fitting the grade of wood to the value of the gun: much like overbuilding for a neighborhood. But at the end of the day, it is your house and yours to enjoy. So why not put a beautiful stick on an everyday shooter? Nice sound, paint, and interior on an everyday driver? Not every return on investment is monetary or quantifiable. The most stunning blank I ever had turned went on a 5k Beretta O/U. At the time of the restocking I never intended to sell it. But a friend introduced me to side by sides, and I never looked back. But neither did I regret losing money on the Beretta, for I held in my hands and put to use for a while some of the most beautiful juglans regia to ever grace a gun.
That's how I choose a blank.