The Lee Classic Turret with Lee Safety Feed Primer and Lee Pro Auto Disk powder measure (be sure to get the adapter to provide clearance with the powder measure) is a great set up for the average handgun shooter (500 rounds a weekend volume). You can probably get away with a Lee 3-die set for 40 to save some money (versus 4 die set which has the crimp die). Get the 4 die set for 357. Since there is
a little complication is setting up the Turret, things for a beginner can go smoother if you start hand feeding the primers and powers first. Once you have the basics figured out, then start working with the primer feeder and setting up the powder measure.
If you really want to go cheap, get the Lee single stage press
http://leeprecision.com/reloader-press.html and use the powder dipper that comes with the die set. But you will need to get a primer installer, which will be not used when using the turret press. Its VERY slow, but is a good way to learn the process with little investment. Other option is to go with the Lee Loader kit that uses a hammer instead of a press - very, very slow for high volume handgun rounds.
Powder, start with Power Pistol for both. One of the best I've used for 40, and I've found to work very well with 125 & 158g FMJ 357. Accurate #7 works well for both as well. For a beginner, its safer / cheaper to have one powder.
Buy a Loadbook for 357 & 40
http://www.loadbooks.com/ Probably the best single resource for load data from most of the powder & projectile manufactures.
Things will be easier on you if you start with FMJ bullets - lots more load info out there. If you go with the cheaper copper plated (Berry's, Rainier) you might not find much load data.
Most important thing with handloading is to be focused on the process to avoid disastrous things like double charges, no charges, wrong powder being used, wrong components being used. etc.
If you do not like handloading, you can probably sell everything on Craigs for what you paid for it.