1. What pound draw should I choose? I'm thinking 40 or 45, the min. we can use here is 40 and was thinking that a lighter draw would increase accuracy and make it easier to practice, but don't want to hamstring myself by going too weak.
If you have a minimum for hunting, it's probably no more than 40#. In some states I think it's less, and some have no minimum. Lighter is easier to learn with, you can shoot longer with less fatigue, and 40# is plenty for most anything shy of elk and moose...and I have heard of those being taken with bows in the 40# range.
2. What additional "accessories" will I need to get shooting? I'm assuming it's not exactly "ready to go" out of the box, what am I looking at dollar-wise to be ready to shoot? I've heard of a lot of people switching out string right away, do I need a rest, etc.? Basically How much am I looking at in add-ons right away?
As far as the bow goes, the Sage does pretty much come "ready to shoot". It comes with a string and a stick-on rest. I'd replace the string myself, but it is serviceable. I prefer to shoot off the shelf--industrial velcro works great, and is cheap. You don't have to pay a bunch for fancy rest materials unless you just want to.
You will also need a glove or tab, arm guard, quiver, arrows (fletched with feathers), field points, broadheads, target (sand pile is a cheap and effective target that you can't wear out), etc.
3. What should I expect to pay for arrows? I would like to have some degree of consistency out of them, so I won't skimp here if I don't have to.
I don't think there are many who can shoot the difference in a couple thousandths of an inch of straightness with a compound, much less with traditional bows. You can spend what you want, but I wouldn't go crazy with the extreme high-end arrows. I always liked XX78's in aluminum for durability. In carbon I'm liking some Trophy Ridge "Wrath" shafts I got, but I have to re-fletch them as they come with vanes. CX Predator II's work, but aren't as durable.
I also suggest the video "Masters of the Barebow, Volume III". It can take years off the learning curve.
Chad