Dont skimp on gloves and your helmet those are the first two things to hit the ground.
And as many seasoned motorcycle riders and racers say:
"its not will you hit the ground but when will you hit the ground"
Being a rider myself I pick up the best products I can get my hands on!
-Shoei helmet is a great start! Also look into Arai...
-Alpinestars are great leathers!
-Gloves you can do better... I know these may seem expensive but after you put them on you wont want anything else!!! That I guarantee these made my alpinestar racing gloves feel cheap!!!
http://www.heroicracing.com/default.asp
Badger is right on with the helmet advice your helmet should be snug tight. I have an X-11 and want to get the new X-12... The more expensive helmet's new technology is so far beyond the cheaper helmets!!! remember its your brain spend the money and get the expensive helmet trust me I took a header into an embankment at over 90+mph with my Shoei X-11 and survived not only that but the helmet came out perfectly un-hurt minus a few light scratches!!!
on the helmet fit issue make sure it is snug tight with no way for your head to move. The top cushion should also stop above your eyebrows.
Another thing. Try to go with lighter colors as much as possible and try to match the bike too if you can lol... Also look into boots! Heroic has some good ones along with Alpinestars.