Eric...Speaking as a radio reporter who started making movies a few years ago, I'd say you're on the right track. You can make the move for a lot less than $10,000. More like three thousand.
You could make do with Final Cut Express, rather than Pro. It's still an amazingly powerful app, and you'll get a discount when you upgrade to Pro.
Get a Macbook rather than a Macbook Pro, with the smallest drive and the bare minimum of RAM. Upgrade the RAM and hard drive yourself. You can Get 2gb of RAM and 300 GB internal storage for less than $300. Buy a 30 dollar external case for the extra hard drive, which is now your "traveling" media drive. The Macbook will run a 20 inch monitor. Get a couple of massive firewire drives, one for media and one for backup.
With all the money you save, splurge and buy a great microphone.
You'll still be using it long after the Macbook and the Canon camcorder are a memory.
Equipment-wise, this is a great time to be starting out.