For an ESC, Usually Forward only's are better, but if you really want the ability to go reverse, then go for it.
Reverse ESCs usually cost more, but if you've got money, spend it.
I have a reverse ESC in my HPI pro 3 and a Forward only ESC on my TL-01. You may think that not having reverse might be a disadvantage or you think that you might feel crippled without going in reverse, but it's not that much of a deal since the majority of the time... you'll be going forward. Well, I hope you're going forward...
But anyways, these are probably gonna be your options if you're looking at ESCs less than $50USD.
I have this one on my TL-01, and it's great. The high frequency and no reverse keeps my motor cooler than it would with my Reverse ESC. (12t limit)
http://www2.towerhobbies.com/cgi-bin...?&I=LXD523&P=7
This is probably the cheapest price you'll get for an ESC. It's forward only and does it's job well! (20t limit)
http://www2.towerhobbies.com/cgi-bin...?&I=LXAXT7&P=7
Probably one of the cheapest Reverse ESCs out there. Also does it's job well. (18t limit)
http://www2.towerhobbies.com/cgi-bin...?&I=LXGZX1&P=7
This one looks similar to mine, and is one of the cheapest Reverse ESCs out there. (20t limit)
http://www2.towerhobbies.com/cgi-bin...?&I=LXAMN7&P=7
The reverse ESC I got was the cheapest one i've seen in my entire life. It was $30, and i've only seen it at my LHS. I can see why it was so cheap though. I can't even reprogram the damn thing anymore, but it still does it's job...
Now with batteries... for starters or just drifting, the standard for almost all touring cars is a 7.2v, 6-cell, 1200mah or more, Ni-cad or Ni-mah, stick type battery.
Most people look at this battery, as it is cheap, has high capacity(3000mah), and is Ni-mh(nickel-metal hydride).
http://www2.towerhobbies.com/cgi-bin...&I=LXERB5&P=ML
Or if you've got a radio-shack near by, you can get a 3300mah battery for $25.
Now, you'll need a charger for your batteries. I HIGHLY suggest getting Ni-mh batteries BTW. Less more maintainance and much more running time than Ni-cads. Ni-mh batteries will be 3000mah or more and Ni-cads never will surpass 3000mah, so that's a little info to check wether it's nicad or nimh.
For a charger, you probably want an AC charger(a charger that plugs into a wall). Also, if you decide to get nimh batteries(which I hope you do), make sure the charger can charger nimh batteries. If it doesn't say it chargers nimh, then it doesn't. Don't take the risk and waste money or ruin your batteries. Also, watch out for cheap chargers, as they may charger nimh battereies as they would say, BUT IT MIGHT SAY DC CHARGER, NOT AC/DC CHARGER. This means it will only use a DC power supply! That means like on the battery of your car! MAKE SURE IT'S AC/DC CHARGER UNLESS YOU KNOW WHAT YOU'RE DOING.
So anyways, this is probably what you want.
http://www2.towerhobbies.com/cgi-bin...?&I=LXCLD5&P=7
Just read and see. Exactly what you will probably need.
Now onto the motor. The motor is pretty much your engine... An ideal motor for drifting is a 27 turn motor. The lower turn the motor is, the faster. The thing is, with lower turn motors, the downfalls are...
1. An ESC to take that much of a low turn motor which is very expensive(Lets say an 8t motor, AT LEAST $75)
2. Lower running time because it uses much more power
3. You lose torque, which you need for drifting. A 19t motor is the limit for drifting, meaning any motor under 19 turns, probably won't be able to drift. And if you do, it won't be fun... I have a 19t motor, and I do not like to use it for drifting because you cannot drift without going very fast...
4. There's no reason to get one unless you're going to really race.
So, you're looking at a 27t motor here. Your options would probably be...
P2k2 motor. I have this. It is awsome.
http://www2.towerhobbies.com/cgi-bin...?&I=LXAVJ2&P=7
This is pretty much the same as the P2k2, just with higher torque. I also have this.
http://www2.towerhobbies.com/cgi-bin...&I=LXDDA1&P=ML
Or any other 27 turn motor you can come across... lol... Keep in mind that with these types of motors, you will need solder leads. You will probably want to get these though.
http://www2.towerhobbies.com/cgi-bin...&I=LXTJ21&P=ML
These are no solder leads. You just shove them on your motor leads so you don't have to solder anything! And plus, they've got bullet connectors, so they'll connect to all of those ESCs I mentioned earlier!
Now this thing here is also an ideal drifting motor.
http://www2.towerhobbies.com/cgi-bin...?&I=LXGE34&P=7
Even though it is not as powerful or anything, it will do the job. I drifted my TL-01 with my P2k2 motor. Sure it's great and all, but when I installed my Stock 540j motor in my TL-01 and drifted with it, I was amazed by how evenly they both drifted! Now you see, THIS motor is an UPGRADED version of a stock 540j motor! With this, you may probably get the same or better results drifting than the other 2 motors I mentioned above. It's also got buller connectors installed to, so no need to buy solder leads!
I assume you know about what radio gear you wish to get, but if you don't, there's not much to talk about radios, but here's a pretty cheap one that will do the job.
http://www2.towerhobbies.com/cgi-bin...I=LXCFW2**&P=7
Have fun!