Hi Sinfire,
Alcove Audio is right: sound should be one of your top priorities. If I were you, I'd consider using the money you've saved for a camcorder and renting a professional quality camera instead (it'll usually have a couple of XLR jacks recording to separate tracks).
On my first feature, we had a shotgun and one radio mic, which the actors had to pass around depending upon the shot. We consistently got far better sound from the radio mic. The whole film was shot on locations, so in a studio you'd expect better results from the shotgun, but in locations where you can't control the passing cars/motorbikes/aircraft/humans/janitors with vacuum cleaners, I really think a lapel is a better option. Taping it to the centre of the actor's chest with gaffa is a good way to avoid clothing rustle most of the time. Overall, the inconvenience of the radio mic was far outweighed by its superior sound.
The idea of having your own camera is great, but if you really believe in the project you're working on and you want it to find an audience, it's worth considering that a consumer camera just won't get the kind of results you'd get with a Sony z1 or a Panasonic P2. Worth the money.
Good luck with your project!