Hello all, thanks for your advice.
Money isn't a huge issue and from reading on the board, I get the feeling that you can grow out of gear - so for the computer, I rather spend less on it now and get a new one for the features I might need further down the track. I am thinking of something like the Suunto Gekko to start off with.
Regulators I will definitely pay abit more for better quality etc. I will get a second octopus - just makes more sense in an emergency environment.
Thanks again everyone!
If you would rather spend less on a computer for now then possibly upgrade in the future might I suggest the Oceanic GEO. I have this wrist mount style computer and I actually wear it everyday as a watch and then the extender strap stays in my dive bag. You wont loose it like some people say because again i wear it as a watch so if I get out of my gear and into clothes I will know im missing my watch. It does Air & N, free diving mode, gauge mode. It is a bit on the smaller side but even without my glasses I have no issues seeing it under the water. Just wanted to give you my thoughts, hope it helped.