Hypershunt is currently bugged - you can get it online by filling your stockpile with transplutonics (refined, not the ore, so you just need an airless world with a refinery), but I hear that it's a -5 stability penalty when the stockpile runs out? Haven't quite gotten to testing that myself.
Regardless, the hypershunt's bonus is 'just' an extra industry - nice to have, sure, for the extra profit or extra military base - but, imo, not really worth using even if it wasn't bugged - I'd rather be capped at four industries than have to deal with hegemony inspections bleeding story points. (Okay, okay, you do also have the option of hunting down and destroying the inspection fleet with your transponder off, which will only cost a small amount of rep... but requires that you be in the right place at the right time to intercept the thing.)
Cryosleeper's nice, but ultimately optional; getting to max size faster is a nice bonus, but once you're there it doesn't matter.
For me, the must-have things are as follows:
* A low-hazard-rating airless world, ideally with ore & transplutonic ore. Amounts don't matter because of the mining upgrade item. This planet gets mining, refining, and heavy industry - importantly, this means that trade disruptions cannot shut down your heavy industry. (An airless world without both ore types is still good enough, though; with refined metals being sourced locally, you'll actually have the stockpiles on hand if a trade disruption hits your refinery.)
* A Gate in-system. Just super-convenient.
Everything after that is bonus. Ideally I want a gas giant for volatiles, maybe a second airless world for fuel production (or I can just toss that on the main airless world if it's missing mining or if I'm willing to wait for max size), and somewhere that can produce food and somewhere that can produce organics.
Also worth noting that you can interact with stars to get a stable point in systems that didn't have one, so that's no longer a factor in choosing where to colonize. Requires 500 fuel (consumed by the process), 200 machinery and an alpha core (not consumed by the process).