Just bought an Epson Perfection 4870 and was wondering are there set settings that I should be scanning in prints? For instance, what DPI should I be using before I send the prints to be sent out for printing? Should I use ICE? etc....

For scanning prints you're not going to get any more detail past 300ppi. And if there are scratches, tears, etc., turn ICE on, otherwise leave it off.

Great thanx. what about 24 or 48 bit scans

More bits is better at scan time, but if you're sending the files out to be printerd make sure the lab can handle them.