Think about how big you want to be able to print. Some printers have restrictions. Do you want to do panoramas on long papers, use a roll, or A4s? I believe Canons have a limit on paper length (don't quote me though - check!)
Think about what paper you want to use. Some printers have a max paper weight. Most of the fine art stuff is 300gsm+.
And as for paper. Get some test packs and try some different stuff. I started with Ilford papers, but when I moved on to Canson and Hahnemuhle the difference was huge. Fotospeed is a good "middle ground" for price vs quality.
Good for you on investing too. Just like with tripods, people often spend thousands on a camera just to put a 600x400 image on the internet and get a 10p print from DSCL.
Either way - good luck with whatever you decide - and if you want a handful of different papers, I think I've got some spare I can send over. Just PM me.