Cayugad gave youexcellent advice on powders and bullets, the XTPs are cheaper than the Shockwaves, but the Shockwaves travel further due to a better balistic coefficient.This article talks about how underrated they are:
http://www.chuckhawks.com/underrated_hornady_XTP.htm

you will find them cheap to shoot and excellent penetration/expansion. I buy mine in bulk, 100 bullets for like $11 or something like that and I use Crush rib sabots also in packages of 50 for $5 from MidSouth Shooters Supply.

Info on working up a load:
http://www.chuckhawks.com/working-up_loads_50muzzleloaders.htm

For information on how to clean the rifle see this:

http://www.chuckhawks.com/clean_muzzleloader.htm

I didn't scope mine the first year I used it and I did fine with it, a couple of deer one nice buck. If you scope it, consider reading these articles:

http://www.chuckhawks.com/should_muzzleloaders_be_scoped.htm

http://www.chuckhawks.com/scopes_muzzleloaders.htm

http://www.chuckhawks.com/sights_scopes.htm

As for "is this gun is a good gun", well any gun that gets you started into ML is a good first gun. If you like MLing, then you can upgrade to a better make and model, without it costing you a lot of money. Some folks don't like the cleaning and constant maintenance of MLers, so they sink $600 into a ML (with scope and all) and end up selling it after the season for $300 for everything. I like cleaning/measureing/preparing to ML hunt, because it is "part of the experience" of MLing.

You may want to try777 pellets first, just to get started in ML, it makes it easier. They are more expensive than loose Pyrodex, which is what Cayugad recommend.Your in for a learing experience, best to go with a buddy who has done this before. Pay attentionto all he says about loading and the witness mark, etc. Best wishes to you.
Chap Gleason VA