I've always loved the look of the literati style and I would like to train a tree into this form. Currently none of my projects would fall into this category
Ah... literati or bunjin. An amazing style when done right. I tried it once and failed miserably.
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Was the literati styling the initial intent or a decision that was made after purchasing the material?
It should be the initial intent. You should select a tree that's suitable. General rules concerning tapering do not apply. You do not need tapering at all. You do need a trunk that has great, interesting, but natural, movement. It is the most important aspect of a literati style bonsai, imho.
If it was the initial intent, what did you look for in the tree when you chose it?
The tree I selected had a very long trunk. Very straight too, and I thought I could manage ty bring movement into it. It did not work out.
Thoughts on mid-sized to larger leafed deciduous trees for literati? Or just general species suggestions?
I would prefer to not use a deciduous tree, but a conifer, preferably a pine. They can grow literati style in nature.
There are many options. A very straight, long, slender trunk with foliage on top. A very curvy trunk, with lots of movement. Look up images for inspiration, you'll notice that many options work but many don't work either. It's all about the balance of the final tree.