$1,700 is definitely doable. Get the best bow you can (flagship from mathews, hoyt, bowtech). You can always upgrade everything else later on as you get more experience and learn what works, what's important to you etc. The only thing I would prob splurge on is a QAD or Hamskea drop away rest since you'll prob definitely end up upgrading from a whisker biscuit anyway. No need for a fancy sight starting out. Things like stabilizers, quiver, bow case, targets, etc can be purchased online later and for prob cheaper if you start pushing your budget initially. Walk out of there with a tuned bow with rest, sight, release, arrows.
As far as arrows go anything in a .03 straightness will work perfect. Give a hard look at the Easton Sonics (made in US). One of the best arrows for the $ right now.