Yes, you want to have the refresh set to at least 75, preferably higher so it doesn't bother your eyes.
However, before you adjust your resolution/color depth/refresh rate, you need to find out what your video adapter and monitor support. You can mess up a monitor or end up with a black screen if you try to run settings beyond their capabilities.
Generally you would want a higher resolution for a bigger monitor. I would say use a max of 1024x768 on a 15" monitor. For a 17 inch maybe 1280x960. A 19 inch monitor you may want to run up to 1600x1200. Seeing smaller icons may seem strange at first but once you realize how much more desktop space you have you will grow to like it. (unless you have bad eyes!)
Also if your adapter/monitor can handle it, use true color for your color depth setting.
Video adapters run at higher resolutions usually max out on refresh rate faster than when run at low resolutions. SO, your video card may support a refresh rate of 100 at 1024x768 resolution and true color but at 1600x1200 it might drop down to 60hz which should be avoided. (hard on your eyes) So you need to balance out the size/color depth/refresh to achieve at least 75 hz refresh rate and a decent resolution for your monitor size.
On a side note, higher resolution = lower frame rates for games in general. So if your game is way too slow try a lower resolution to speed it up.
Hope this helps.....