i think the ef 50mm 1.8 is overrated. whilst it is sharp from 2.8 onwards, that's about all it is.
it doesn't have great colour and contrast, the bokeh in my view is just awful and focussing is slow and noisy.
on the plus side, it is very cheap and light.
if you're just starting out, it's a great lens to learn about aperture and depth of field control.
on a crop body, it's a decent enough lens for portraits (again, for the money), but there are much much better performers out there which will just blow it out of the water.
as far as hoods go.... don't bother. you don't need it. the front element is recessed and it isn't hugely prone to flare.