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Hey! Welcome to Dakka Dakka!
I am still hashing through the new rules or 7th ed of 40K myself, it used to be a minimum requirement of 1 HQ choice, and 2 troop choices to play a game or to get your army fielded you needed those elements. I think it's still considered as an option something like Chapter Tactics and then the unbound armies, as far as points goes it's up to you, I believe a 1500 point army reasonable point cost for a decent sized game.
I don't believe you would be wasting your money either way, however if the local players don't play fantasy at all then you'd have to dig around to get games in or travel. If they are 40K heavy then you'd be playing more often obviously.
Don't be concerned at all about being a new guy, most gamers I know like to play period, so having a new player is great, you get to teach them how to go through the game, make new friends etc. I would consider myself new in the 7th edition rules since there are so many changes, I went to a tournament when 6th was new to me and I stumbled a bit through the rules I barely knew, yet everyone was very considerate and helped me out, or gave me rules advice and clarifications.
So hopefully I gave you something there, I would get into the version I am most attracted to and probably being at a location where that version is played more often is good. I prefer 40K over Fantasy but I still like Fantasy.
If money is an issue then only get what you need, build and paint it before you add more to your Army, that takes time, and you have the satisfaction of a completed army. By the time you've built and painted things up and played a little then it could be time to add to your army something that you've learned through playing that you need on the table.
Just my opinion.
Cheers!
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