That is what I am doing. Blogger is easily to make and edit. Wordpress is kind of complicated because I don't know php.
You can't run blogspot on bluehost. Blogspot it's not a script that you can download and install it where you want. It's so easy to install Wordpress on bluehost by using Fantastico
You can run Blogspot blog from your own domain. there is no scripting/downloading involved. details can be found on blogspot help pages - http://help.blogger.com/bin/answer.py?hl=en&answer=55373
That is doable but it would mess you up if you want to change to worpresss or another site. I cannot install wordpress in that domain except in a sub directory. I need technical help to remove blogspot from my domain
Blogspot posts & comments can be accessed via Blogger API - which you can use to migrate to wordpress or any other blog tool at a later time - but yes this would get pretty technical because you would need to program to use the API.