If you check out my overly long winded post here:
http://seibertron.com/forums/viewtopic.php?t=10200&sid=that has a general overview of the various G1 continuities from across the years along with what's been collected into book form. I'm linking back to that quite a bit lately, but it took me ages to type and should be quite useful. Particular recommendations from recently published G1 books would be Dreamwave's War Within titles by Simon Furman and as recommended above the excellent new continuity from IDW Publishing.
Since you're familiar with the old Marvel comics you may well be familiar with Furman's writing as he did the later US Marvel stuff as well as most of the UK books. He's also written the majority of the Armada/Energon comics that were produced by Dreamwave, taking a different approach from the cartoons and fleshing out the Minicons as proper characters rather than just small robots that go 'beep'. He's also doing a series of Beast Wars minis with the legendary artist Don Figueroa, the first of which is already out in book form.
For the moment I'd avoid the Dreamwave G1 stuff that basicly fills in between season 2 of the cartoon and the movie since this never got properly finished due to the company going out of business and isn't really among the better material out there. Hope that that's helpful.