Step 1: Concept
Convert the equation to standard form $\frac{x^2}{a^2} - \frac{y^2}{b^2} = 1$ to find $a^2$ and $b^2$.
Step 2: Meaning
Dividing by 144: $\frac{x^2}{16} - \frac{y^2}{9} = 1$. Here $a^2 = 16 (a=4)$ and $b^2 = 9 (b=3)$.
Step 3: Analysis
Length of Latus Rectum = $2b^2/a = 2(9)/4 = 18/4 = 9/2$. Eccentricity $e = \sqrt{1 + b^2/a^2} = \sqrt{1 + 9/16} = \sqrt{25/16} = 5/4$.
Step 4: Conclusion
The pair is $(9/2, 5/4)$.
Final Answer: (B)