I would suggest using what you have and shoot hunter class. THat will allow you to go to an event or two and see what others are shooting and also will allow you to decide which class you want to shot. Each class has restrictions as to equipment and ranges for targets. THe shoots are pretty informal. Don't feel like you have to show up with "the stuff" to fit in and have a great time.

As for arrows I would suggest Carbon shafts, I like Gold Tip arrows. Make sure they are the proper spline (strength of flex) for your bow and just get them pre-fletched. While you shoot you will have plenty of time to talk to the other shooters in your group and get a bunch of input and ideas.

As far as a release, try a bunch out at your local bow shop and see which one works for you. I shoot the Carter 2-Shot which has been a very easy release to work with and is also good for hunting.