I should preface this by first saying that I'm also a newbie, so I don't know it all. However, I also just recently built my first competitive car and did a lot of reading through the same crap that you're probably going to, so I'm about a month ahead of you and might be able to offer some insight.
Brushless: definitely worth it unless you're the kind of guy that loves wrenching and maintaining. The novak 13.5 is a fantastic motor and is raced as "stock" class even though seems to be a little faster than the brushed equivalent. Absolutely no maintenance, just plug and play.
Lipo: Also definitely worth it. I've used Nimh and NIcd batteries before, lipo is a whole new level. I've got 2 trakpower 4900s (not cheap, $120 apiece), and I can run all day or until my car breaks. You never have to discharge, and they never seem to run out. I haven't really tested one yet from start to stop, but I think I could probably run 35-40 minutes straight.
For radio, I got the Futaba 3pm 2.4ghz FASST system. My friend got the Spektrum DX2.0 2.4ghz. (both between $150-$190) The 2.4ghz radios are pretty kickass because there's no crystals, no frequency conflicts. No worries about some kid in the pits turning on his radio and crashing your car. d16dcoe45 suggested getting the most expensive radio that you can afford, I don't really understand that. Maybe I'll realize somewhere down the road that I need all the extra settings or whatever, but for now I really like my radio.
Speed control: I bought the Novak GTB, and it seems pretty good, but my friend got the SpeedPassion and I'm jealous. If you decide on brushless, these are both good choices, but with the novak, you set it up by using flashing LEDs, the Speedpassion comes with a "tuning box" that you plug right into the speed control and you can adjust all the settings with a digital display.
For tires and setup info, I agree with d16dcoe45, just see what the fast guys are running, but just buy good gear first and start running the stock setup. Just keep in mind (and in your budget) that you're going to end up buying new tires, wheels, springs, tire "sauce", and various other things that add up quite a bit.
steering servo: I got an airtronics 357, it's not top of the line, but it's good. I don't think I'd run much less. I think list price is around $75, I got it slightly used from somebody I trusted for $50. Which brings up another point... keep an eye out for used gear. Lots of people sell perfectly good gear because they want something different or something newer or they just have extra stuff.
Good luck.