Multi-spectral imaging using a camera with more than three channels is an efficient method to acquire and reconstruct spectral data and is used extensively in tasks like object recognition, relighted rendering, and color constancy. Recently developed methods are used to only guide content-dependent filter selection where the set of spectral reflectances to be recovered are known a priori. We present the first content-independent spectral imaging pipeline that allows optimal selection of multiple channels. We also present algorithms for optimal placement of the channels in the color filter array yielding an efficient demosaicing order resulting in accurate spectral recovery of natural reflectance functions. These reflectance functions have the property that their power spectrum statistically exhibits a power-law behavior. Using this property, we propose power-law based error descriptors that are minimized to optimize the imaging pipeline. We extensively verify our models and optimizations using large sets of commercially available wide-band filters to demonstrate the greater accuracy and efficiency of our multi-spectral imaging pipeline over existing methods.