My last job was managing an online business for an REI type store and I own more jackets than REI stocks (it's a terrible addiction), so I'll chime in with a little knowledge I have gained over the years.
Jackets:
Precips are good jackets and have been the best selling rain jacket for a long time, but find a 3 layer one cheap if you can. The difference in comfort in mild to warm rain or when you are sweating is huge (to me). The Precip is a 2 layer jacket, which is an outer layer of abrasion resistant fabric and an inner layer (coating) that does most of the waterproofing. A 3 layer jacket has an additional soft layer on top of the inner layer (membrane) so that the slick waterproofing layer does not stick to your skin when it is moist. This can add weight, but you can still find a 3 layer jacket under or close to one pound. The membrane layer on a 3 layer is also thinner than the coating layer on a 2 layer, so it will be more breathable.
If you watch REI during its sales and super clearance, steepandcheap.com, sierratradingpost, etc., you can easily find a nice 3 layer jacket in your price range.
My main hiking/backpacking jacket is an Arc'Teryx Beta LT, which is stupid expensive and I do not recommend unless you hike every day of your life or can find it super cheap. I also have a few other jackets that I use for stuffing in the car when there is surprise rain and general around town use.
Boots:
Fits between brands and models can be radically different. European companies tend to have more narrow designs, even in their "wide" boots. You really need to try boots on before you make a decision. If you go to a reputable store like REI or somewhere similar, you will see a great selection and will be able to try on as many boots as you want. A lot of REIs even have people that can measure the various parts of your feet and recommend certain brands/models.
Make sure that you have no hot spots (pressure points) at all anywhere in the boot, because those will translate into blisters on the trail. If they are even remotely uncomfortable at any point, go with something else. REI has a little simulated mountain incline thing that you can use to see how they feel going up and down the trail. Properly laced, the boots should not let your feet slide around when you are going up or down. If they do, that is another cause for blisters.
Also, keep in mind that uncomfortable insoles are not necessarily a breaking point for a pair of boots. Those are easily replaceable with custom insoles like Super Feet, so worry more about hot spots on the boots' uppers.
