Great sport! The focus in PPC is on Accuracy first, then speed. I would recomend a Sig 226 9mm, Beretta 92, a S&W 5946 (if you can find a non-12.6 one) Or a Glock 17, or the equivilent .40 cal weapons. I reccomend 9mm only because of the reloading cost. as for ammo, hand load them to mouse fart levels. as long as the bullet fully makes it through the target and backboard you are golden. Good rule of thumb is just enough oompf to cycle the action 100% of the time. as for mags, you need 4 or 5, minimum. You are only allowed to have 2 on your belt, plus one in the weapon, so you carry your 4th mag in your pocket. Get a police style retention holster, uncle mikes are popular, mimumum two retention methods (thumb break and an internal lock of some sort is normal. However, I don't feel disadvantaged at all by using my Safariland level 3 holster: whatever you like!
I have only been shooting Duty Pistol and individual PPC for 1 year now, but I have a great time when I go out, and the cometive streak in me keeps me pushing myselfevery week to improve. Enjoy the sport!