As Steven noted above, you should find a QT Pro license key in your FCS 2 documentation, so there’s no need to buy it separately. Regarding iTunes, it’s handy for a number of things (and free), but you can also use QT Player to convert mp3s to AIFFs as long as the QT Pro functions are enabled.
As for other software, it depends on your needs. If you will need to extract files from DVDs, MPEG Streamclip is quite helpful and also free. If you will have to export your finished programs as Windows Media files, then you’ll need to pay the $49 and purchase WMV Studio from Telestream. Get to know Versiontracker as a good source for locating applications that will suit your particular needs.
Don’t forget the “Cow-Free Stuff” forum for tips on finding plug-ins, music, sound effects, photos and footage!
As for your gear, sounds perfectly reasonable, except for the USB external hard drive. I’ve read that the USB transfer rate isn’t fast enough to keep up with Final Cut. FW 400 or 800 might be a better choice.
Have fun!
Mike Raff
Richmond, VA