[Si Coe]

If you don't mind internet shopping brushless need not be pricy.
There are always cheap second hand escs and motors going here on Oople or on ebay at dramatically reduced prices.
If you don't fancy second hand look on ebay for the fantastic Hobbywing Ezrun systems. They aren't BRCA legal so you can't be using them for nationals, but club use is fine. In fact you'll see plenty in use as in terms of value for money nothing comes close. The only real issue is that they can only be bought from Hong Kong, which means a 2-3 week wait for delivery.
Cost in the order of £60-70 delivered which is a hefty saving if you consider that most sensored motors cost £75 on their own!

Radio wise its all good, but there are a few 2.4ghz sets at low prices if you don't mind using a wheel so why bother with crystals? The Ansmann W3 24ghz is rapidly becoming popular for offering full 2.4ghz function at just £65 , and you can have a Spektrum for as little as £90 if you shop around.
That said if you still have an old decent radio you might as well use that. You'll find the switch to 2.4ghz has left 27 and 40 mhz pretty quiet!