Absolutely fingertip. If you're serious about learning to bowl, that's how you'll bowl for the rest of your life. There's not much point in ordering a reactive ball if you're going to throw it conventionally and straight. A White Dot, available in many attractive colors would be just fine for that.
I'd go with finger inserts at least. Thumb could go either way. I like a thumb insert, and I think that most people who have used them stick with them. Definitely buy your own shoes. If you bowl in a league, you'll pay for your own pair at least once over the course of the year. Dexter makes some perfectly fine entry-level shoes for well under $50.
Edit: You might be able to get a deal from the pro shop for the ball, bag, and shoes as a package with a discount. Many offer that sort of thing for beginners.
Entry-level balls are usually pretty mild and thus easy to control. There aren't usually too many worries about it overhooking. If you're very speed-dominant (few revs), you may find that you have a tough time getting the ball into a good roll (I do) but for most people it's not a problem.
SH
Edited on 8/7/2006 1:51 PM