Does anyone have tips for creating this kind of effect easily? 
Could Phoenix FX help or I should rather use standard max particles?
You could even consider using layered stock footage and compositing it.
no can do. I need huge resolution
Probably good old PFlow for the sparks.
Smoke is better done in something else imo
PFLOW for both
A flow for the sparks and another for the smoke and debris. Afterburn for the smoke PFlow (although last time I needed it, my Afterburn 4.0 didnt work with LWF)
Maybe you can get away without afterburn, just use some facing plane particles with smoke/noise in opacity
You could probably do this using trapcode particular for aftereffects…not sure if you are running that.