Film is a hard subject to tackle because everyone you talk to will have a different opinion and I'm no different. I can't recommend the perfect film for the View-Master camera, but I can give you some pros and cons of a few films that are out there if you are just getting started.
In my opinion there are three major factors that need to be considered when choosing film. These are Color Saturation, Grain, and longevity. I will try to list the pros and cons of some of my favorite films below.
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Kodak's Kodachrome
is the king of longevity. It's estimated that in good storage that it
is stable for 150 years. No one knows for sure because it's only been around
for a little over sixty so it may last even longer. It has pretty good
grain at slow speeds (RMS 10 for ISO-64 and RMS of 9 for ISO-25) and
good color saturation. It has a major drawback in that it is only
processed in a few places (K-14 Process) in the country and you
typically will have to wait a week to get your film back (all others
on this page use the E-6 process). The labs are getting fewer and
fewer, but I know A&I still does
it.

Kodak's Pro E100VS,
E100S
and E100SW are great for color saturation. VS is comparable to Velvia,
but I find Kodak's film to have better skin tones while still giving
great color saturation. Velvia has better grain though, so if I'm
shooting landscapes that's what I go with. For the View-Master format the major drawback with this film is grain.
Keep in mind that the View-Master format is around half the height and
width of a normal 35mm film slide and in high magnification viewers
like the model D, grain can become very apparent. The Kodak films RMS value
is 11 for VS and 10 for the S and SW (lower is better) and in some shots this is not a big deal, but
anything with a lot of sky in it will show grain. This film uses the
common E-6 Process for quick turnaround when processing.

The new
Kodak E100G and E100GX
has great grain (RMS 8)
I have done some testing of it and I thought it's shadow detail was a
little muddy. The highlights appear to wash out real easy as well.
It's OK, but not great.

Velvia
now comes in two versions Velvia 50 (RMS 9) and
Velvia 100f (RMS 8). Both have even more saturation than the E100S
and more dense blacks. Grain is almost non existant. The major problem
with this film is that some skin tones don't look natural (anyone with
a ruddy completion) and the dark blacks can cause harsh shadows on
peoples faces. For landscapes (or anything where people are not the
primary subject) this is an excellent choice. You can loose a little
detail in shadows because of the enhanced blacks, but it does give a
nice punch to your pictures. Velvia typically runs a little shower
than rated, so 50=40 and 100=80.

Fuji's Provia
100F has the same great grain as Velvia 100f. It has an RMS value of 8. I have used this film a lot and like it quite a bit but miss
the extra saturation I get with Velvia. This film has good color
saturation, but leans toward the accurate side. I find that it works
very well for people pictures and indoor flash pictures.

Fuji Provia 400F is a great film if you need the extra speed. It has
an RMS value of 13, which is it's main drawback, but it's the finest
grain available at that speed. For VM shooting indoors it can improve
your depth of field by allowing you to use a smaller aperture.
It's a hard choice for me between Provia 100F and Velvia 100f and I'm currently using both of them. I'm using Velvia for shots that don't focus on people (scenic), and Provia 100f for outside shots with people as the main subject. For indoor flash shots I also use Provia 100F.
Related link: How film is exposed