I kinda figure you likely can do without the very top of the line, but I'm not a fan of the low-end. One quote I've heard is that if you're working with a small budget, you can't afford to replace second quality gear when it breaks.

Of course, that's a nice quote and all, but you really have to take each piece into consideration. Some gear covers multiple functionality. And some gear you'll always break, regardless of price or quality. And any gear you can lose, or lend to a friend who lends it to a friend and you never see it again. I've broken and lost $450 paddles. Now I just use cheaper ones because I know any of them will break. (though that nice paddle was freakin NICE.)
J