I went through this very same process two years ago. Brings back some memories.
Here's my advice, buddy. At this point in time, I would not buy the best you can. Start with a passable-quality but cheaper tool. Once you add more to your budget down the road, you can replace them one-by-one with quality.
Why do I say this? As a person new to the trade and possibly new to the handling of sensitive, precision equipment, you will slip up and drop something, or drop something on something, etc.. It happened to me. I started with $30 Kobalt calipers from Lowe's. After about six months, I dropped a drill chuck on them.
Now on to my picks.
I started off with Fowler micrometers. I bought a 0-1" at first, then added a 1-2 and then a 2-3. I find these mics to be pretty good, in fact. In testing with gage blocks, mine read within .0002" at any point. For a beginning student, that would be more than satisfactory.
A 0-3 set of Fowler mics will set you back a shade under $150, if I recall. Make sure that they read tenths (.0001"). A "tenths" mic can be recognized by having a vernier scale wrapping around the circumference of the micrometer barrel, above the main .025" scale.
As far as the thimble type, ratchet vs. friction, I would prefer friction. They are smooth, compared to click-click-click. Some say the clicking and ratcheting action can affect super-precise measurements. The ones I own are ratchet, but I would prefer friction.
A note on mics - take care of them. They are the most useful, and most precise tool you will own. Do not drop them, do not get them dirty, do not lay them just anywhere. Most of all, do not - I repeat, do not - close them with any more force than the friction or ratchet thimble will allow.
A good caliper will be your best friend to start out with. Looking at modern industry, you are looking at digital calipers (and even mics, were they not so much more expensive), if for one reason: the magic button marked "INCH / MM". Among other utilitarian features.
But there is nothing wrong with learning to read a dial caliper. They are easy to read, and some (like myself) prefer them from an aesthetic point. I'd recommend a 6" caliper in the $60-70 range, which would be Fowler or SPI, again.
If you have the money, move up to an 8" caliper. You get a longer measuring range, as well as longer jaws. This can also mean slightly enhanced rigidity for measurement as well.
A cheaper caliper is good, as they are, as some have said, more your beat-around measuring tool. Still, that really isn't much of an excuse. If you can - take care of them!
But I would advise getting a high-quality digital caliper when you become accustomed to precision tools. I own a 6" set of Mitutoyo Absolute digitals. They are $155 from Enco, and I swear to you, they are the best digital calipers in existence. Highly coolant resistant, and the pair I own? Even being a caliper, they check dead on with any size gage block. Even the ID jaws measure very near to a measurement with a telescoping gage and a mic.
For an indicator, I would recommend a test indicator first. These have a long, pivoting needle and offer higher accuracy in most cases. What type? Even without budget considerations (barring a $400 Interapid) - get a Fowler X-Test. With a pivoting shank and needle, and a quite beefy body, a .0005 X-Test will serve all your needs. The pivoting shank adds a huge amount of versatility.
One more piece of advise is a good indicator holder, both for a test indicator and for the eventual normal dial indicator you will lust for. For that, the only answer is Noga. A Noga holder with a universal single clamp and head-mounted fine adjustment. They are somewhat pricey, but they cannot be beat. I know from experience that cheaper brands such as MHC is a waste of time and money.
You can also unscrew it from the magnetic base, make a solid shank for it, and use it on a mill for extended tramming or sweeping in a large round piece.
Lastly is a deburring tool, as you mention. I believe Enco has a two-piece set of Shaviv Vargus deburring tools for $22? One with small blades, one large. Shaviv makes some of the best deburring tools. It is something that will not wear out, so splurge now.
I seem to have rambled a bit, but it's taken me a good half hour to write this up. I may post more later.
