Why a "no string" drop away? Set up correctly, its one of the most accurate and repeatable rests short of a standard shoot through, only more forgiving.
I'm not a big fan of the hostage rests... the pro sits so far back off the shelf on most modern bows its almost like having an overdraw... only with no guard.... I don't want to sacrfice the forgiveness myself. The hostage bristles also wear out WAY too fast... they have upgraded them since they were first introduced, but they are still, in my opinion not half as durable as a whisker biscuit.... which is hard to beat for simplicity by the way.
Sights are totally subjective. I shoot a single pin and having done so for two years now... will never shoot a multi-pin sight again. As long as you can see it and be repeatable with it, thats all that really matters. I shoot an HHA 5500. Impact archery also makes good, fairly durable, budget priced sights.
For arrows, I would check out Easton St Epics or Beman ICS hunters. Neither one are exactly cheap, but they are mid-range, mid-priced arrows and that is one area you don't want to take short cuts on.
I shoot slick trick broadheads myself. There are plenty of good, durable, affordable offerings. NAP Thunderheads are still hard to beat. If you can get them to act right, Muzzy's are solid also. G5 Strikers are great, and just about everything made by WASP and Magnus will do well for you too.