I am still in the early stages of commiting time and money to my little home studio. Although upgrading to the full version would be nice I have to spread my money around other things like external hard drives, RAM, midi controllers etc. Once I become frustrated by the limits of LE then I will upgrade.
This probably isn't really the done thing,,
But in light of this statement,, have you looked into Reaper?
If your running a PC or have a mac that can boot into XP then reaper is a very cool linear recording environment with some very cool features,, and you can't beat the price,, last time i looked it was $50US for a none commercial license.
The OS X version isn't quite there yet,,
This way you could build up your hardware,, learn the basics and the language,, then move onto the full version of Live 7 when and if you feel the need,,
Of course,,if you are dead set on Live,, then there is no reason why you couldn't do some good work with LE,, i'm sure there are a lot of people on this board that started out with a lot less,,