Peanut oil will take a higher heat without smoking,but you don't really need a high heat.360 degrees is about right.Cooking in a normal pan on the stove top causes the particles to settle on the bottom,right over the heat source.This is where most of your smoking and burnt smell/taste comes from. Commercial fryers have either a wedge shape and gas burners along the sides,or electric coils that are immersed into the oil.
All the debris settles to the bottom with no heat.

The oil you use is personal preference.Keep it clean.Keep it a constant temp.A cheap candy thermometer clipped to the side works fine.

I always just used reg store named oil..but i think im going to try peanut oil it seems to be popular

Rice bran or cottenseed oil if I am doing a big fry for a bunch of folks. If not, then canola or corn oil is good enough for a few fillets at the house.

__________________
East Texas Crappie Club

Bayou City Crappie Club