Do what I did.
Shimano R540 (classic entry level road pedal) - 39.99 off nashbar (I got same price off tree fort. Better shipping + price match)
Exustar SR221 ($80 new, carbon sole + ratchet, $40 off crosslakesales on ebay)
Nashbar Sport II off nashbar if you don't like bidding ($40)
Went clipless today, been on clips and straps forever. Best feeling ever. You won't regret it.