You also should measure the rear spacing of the frame. 8/9/10 speed hubs require 130mm. You may have to respace the rear to accommodate the appropriate hub. This shouldn't be a gig deal assuming your frame is steel.

As for the crank, the first obvious step is to determine if you need a double or triple. I would not go super cheap on the crank, as nice 9 speed Shimano cranks are going for good prices these days. Nashbar has the 105 double for $60. Make sure you order a BB appropriate to the crank and your frame.