I think you have pretty well defined the range of what you will want for a basic set up. I agree with Zib regarding starting with a set of synthetics and paste.

If you have some flexibility in your budget you could pick up everything now and get a couple of razors to practice honing on so that when your main razor is ready for honing, you will be too. If you go that way, avoid getting razors with a lot of hone wear, warped blades etc. A lot of guys try to save a couple of bucks on a practice or starter razor and end up with a blade with so many problems that it would require a pro's skills to get it shave ready. Not a good way to learn, IMO.

Balsa with paste will work fine, although personally I prefer leather or felt. I use either a modular paddle or a flat bed hone, both with interchangeable pads which lets me choose chromium oxide, diamond spray or whatever.