Thanks all! This is really helpful! I now am the proud owner of:

Edge Fins and boots
http://www.divers-supply.com/EDGE-CRUISER-FINS-p/edg011.htm

and a brand of mask and semi-dry snorkel only known to the good folks at LeisurePro. This reg how ever seems like it's out of my price range for the first trip however your argument is pretty convincing! Yuk!

If I had to choose between buying my own suit or my own reg which should I go with?