Yep. What Liten said is pretty useful. He plays penhold but uses a shakehand blade.
To start out, you could do that. If after a week or two you KNOW you want to be penhold, then you can order any setup you want.
Also, as Kelpo already mentioned, colestt.com is a pretty good option for finding inexpensive but good equipment. You could also see if you can find equipment like what Cole carries from nearer to home.
A Yinhe/Galaxy 896 blade is $16.00. There are plenty of rubbers for $14.00 or under. Dawei 2008XP is pretty good and it costs $8.00, $7.00 if you get it as part of a combination.
$16.00 + $7.00 + $7.00 = $30.00
And that would be a pretty good racket.
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