If you're looking to get your feet wet at an affordable price, instead pick a model you really like and pick up the couple paints needed just for that. You're probably going to find that the MOM Activity Set doesn't save much money as GW doesn't seem to give us a break on set costs much (if I'm wrong then please ignore this).

So if you think you're going to want to play an army of Gondor eventually, with perhaps Boromir leading it, then just put that same money to a box of Warriors of Minas Tirith, for example.

Just a suggestion.

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Wait ye the finish! The fight is not yours.
Beowulf

http://TacticsInMiniature.com

Have to agree with Beowulf, if you don't want a goblin army then the MoM kit doesn't save you anything. Also note that the paints are only the basic colours. There is a handy link in Painting Guides (check the menu to the left) to an article that shows you how to mix any of GWs colours from the primary set, but that's a lot of work and could be more trouble than it's worth.

Might be best to pick an army, then scour this site for a painting guide for that particular model. The painting guides list the paints the writer used, so you can use that to slowly build up a collection of paints.

On another note, you might find if you're the only person in your area that plays or collects for this game, you'll need to build up two (or more) armies. Some people will happily play if the tools are provided, but aren't necessarily into the collection part.