You don't choose a target for Warren Torchmaster's ability at the time it triggers. Rather, a second "reflexive" ability triggers when you blight 1 this way. You choose a target for that ability as it goes on the stack. Each player may respond to this triggered ability as normal.

Once you've announced that you're casting a spell or activating an ability, players can't take actions until you've finished doing so. Notably, opponents can't try to destroy or otherwise remove your creatures to stop you from blighting as part of paying the cost of that spell or ability.

If a creature that has +1/+1 counters on it receives enough -1/-1 counters to cause it to be destroyed by lethal damage or put into its owner's graveyard for having 0 or less toughness, effects that refer to the counters on that creature when it died will see all of those +1/+1 and -1/-1 counters.

The creature you choose to put -1/-1 counters on doesn't have to have enough toughness to survive the process. For example, if you blight 2, you can choose to put the counters on a 1/1 creature you control.

If you can't place -1/-1 counters on any creatures you control (probably because you control no creatures), you can't choose to blight.

If a creature has +1/+1 counters and -1/-1 counters on it, state-based actions remove the same number of each so that it has only one kind of those counters on it. For example, if a creature has three +1/+1 counters on it and two -1/-1 counters are put on it, state-based actions will remove two of each of those kinds of counters, leaving the creature with just one +1/+1 counter.

All of the -1/-1 counters must be put on a single creature. You can't choose to split them up between multiple creatures.