I recently found TheArtofManliness and I'm still amazed at all the article and information on this website.
1. Just about anything can go with light blue, though I think red tends to work especially well.
Like Nathanael said, any tie, but red works best like Sinatra in Robin and the 7 hoods. Also I dont believe that it would work with jeans because it is much more formal than most other shirts.
Never wear such a shirt with jeans.....and really, it should go with a tie or at least a jacket. If your not wearing a jacket, there is a really really thin line between looking pretty cool and looking like that guy from office space:
So...hmmm....yeah..we're putting jackets on those kind of shirts now....have you seen the memo about that? Hmm.....yeah....if you could just go ahead and wear a jacket that would be....great.....hmmm yeah.....then i'll just go ahead and wish you a nice day....
Just don't wear it with braces and a yellow tie.
If you are going to wear it, I'd advise to wear it with a dark suit. I would not wear it without a waistcoat or jacket. Either a burgundy or other dark tie would work.
And, to mirror everyone else's sentiment: Never wear that with jeans.