Here's my .02 worth: Three weeks ago, I got called out of "retirement" to sub. I hadn't touched my equipment (except for moving it across the country) since the last week of the 2005 season. Not exactly the way I envisioned easing back into things, but what the heck. My right shoe sole blew out in the 4th frame, and I had to borrow a rental shoe...fortunately, I'm right-handed, so it wasn't that big of a deal. (I just ordered a new pair of Dexters over the weekend)
As far as upgrading your balls (that sounds really wrong!), I would just throw what you have for a while...you may find, as I have, that there's really nothing wrong with them...and you can save some cash in the meantime. I'm carrying a Danger HPH, an Inferno, a Raging Inferno, and a spare ball. I have bowled three times on one league, and two times on another (yes, they recruited me for a second league on the first night out), and have pretty much thrown the HPH 98% of the time. Granted, I've been bowling at the one house in town, so the shot is your typical house shot...and it's gone like this: 430, 580. 490, 598, and 639 last night (with a 150 1st game).
I was initially thinking "God, I need new equipment"...but beyond new shoes, I think I'm cool for the moment. I have to replace the finger inserts in most of them...which I will do this week...might be something to consider if yours look worn or deteriorated...