I'm a student PJ, and all of the professionals I have talked to recommended getting a wide zoom such as 17-40 (others work good too), and a 70-200. Of course you'll want the fastest you can afford. I have been carrying around at 50 f/1.8 with me, but rarely rarely used it. In fact I don't even have it with me when I'm at school working for the student paper here. But if you can swing it, go for it.
If I were you, I would get the 20D over the 10D so you can work at ISO 1600 and 3200. Doing PJ work, you'll be shooting high ISOs a lot. The money you spend on a 20D vs 10D will allow you to buy non f/2.8 lenses and get away with it for a few years.
If you look at my sig, you'll see I still deal with f/4 on my wide end, but I'm not rich either. I would also recommend to buy it all used if you can. I got my 1D at KEH.com and have been very happy. Don't get me wrong, the 10D is a very capable camera, just seriously take a look at the 20D's high ISO performance. When I upgraded from 10D to 1D, it was to gain the 8fps and 1.3x crop factor, knowing I was loosing out on the 20Ds stellar high ISOs.