Opalescent glass tends to look good on a dark background. I've shot a lot on a simple tabletop setup using two desk lights and just sheets of black card or construction paper as a backdrop. You might also want to mix in some back-lit shots to show the glowing oranges and reds you get when opalescent glass transmits light too.
In terms of exposure I'd spot meter off the object then adjust accordingly. For lenses I'd think the DA 35 2.8 macro Ltd or DFA 50 2.8 macro would be ideal though with good lighting you can get by with less ambitious choices. I started out with a Fuji point and shoot but now use a DSLR often with either my trusty DA 16-45 of F35-70.
Having worked in the antiques trade, and still having a big collection I'm slowly cataloguing, I have photographed a lot of opalescent glass over the years. Most has been French or French style stuff from the 1920s-30s but the same techniques also apply to Victorian heat-struck opals. You can see some of my shots here:
Opalescent Glass | Flickr. Most were shot using the techniques above but lately I've also taken some quick shots lit by natural light through the window (e.g.
All sizes | Pair of Jobling 2594 Flat Leaf Pattern Candlesticks | Flickr - Photo Sharing!). This obviously gives you much less control but with care you can get results that are good enough for sales or cataloguing purposes. Opalescent glass is a great subject to shoot due to the way it changes appearance depending on the direction of light so have fun and experiment.