I am trying to understand how to build the spectrum of the angular momentum; of course since different components of the angular momentum do not commute with each other we must chose only one component to focus on: let's say we choose the $L_z$ component, and so we want to find the spectrum of $L_z$. We also know incidentally that every component of the angular momentum commute with the square of the angular momentum $\vec{L}^2$, so we can diagonalize $L_z$ and $\vec{L}^2$ simultaneously. Problem is: why we should care? Why do we care about having the spectrum of eigenfunction of both $L_z$ and $\vec{L}^2$? Coulden't we just determine the spectrum of $L_z$? This is the first part of my question.
But let's say that we care for some reason: to determine the eigenfunctions I would expect a system like: $$L_z|m\rangle=a_{L_z}|m\rangle$$ $$\vec{L}^2|m\rangle=a_{L^2}|m\rangle$$ instead in my lecture notes the following system is present: $$L_z|l \ \ m\rangle=\hbar m|l \ \ m\rangle$$ $$\vec{L}^2|l \ \ m\rangle=\lambda _l|l \ \ m\rangle$$ of course $a_{L_z},a_{L^2}$ are arbitrary names for the eigenvalues and we can replace them with whatever we want, including $\hbar m$, we can do this, but why? Why is there an $\hbar$?. Why is putting an $\hbar$ there useful? Doesen't it just create more confusion?
And secondly but most importantly: why are the eigenvectors labeled with the two letters $l,m$? Usually when we see something like this, for example $|+ \ \ -\rangle$ it means that we are dealing with two particles (or maybe that we are in 2D); why is the double index present here since we are talking about the same collection of eigenvectors for both the operators? Is it simply to show that the same eigenvector is correlated with both a $L_z$ value and a $\vec{L}^2$ value and dimensionality has nothing to do with it?