The advantage of using a preset is that you start with a known quantity. So once you apply one correction that works, it should work for all the other images shot at the same color temperature. If you use Auto WB, each image could have a slightly different and unique white balance, so that each image would have to be corrected individually. If each image was shot at the same temp, say 5500, and you find that 5700 is a better match, it's very easy using a program such as LightRoom to copy that correction to all the other images in one operation.
If you want to be dead on, you can use a color meter. However, it isn't that hard to use a preset that is in the ballpark, and correct it later in post processing. It's also very much easier to do if you shoot RAW.
Having said that, I should also say that the latest DSLRs seem to have AutoWB down pretty well, and I tend to use it a lot.
As far as what color temperature to set, here's a page from Wikipedia which lists some common light sources and their color temperature:
Color temperature - Wikipedia, the free encyclopedia