1. do some research on how to make your own steadicam. the effects that you can use with panning and moving are awesome for such a cheap piece of gear. I have a link on my home computer I will post.
2. Lots of time. Be sure you can shoot all day long with no time constraints.
3. Color correct the living $h!t out of it
4. watch the genre you are looking for on youtube. LOTS.
5. First video? Don't do a "plot". Just shoot the band.
6. Try and have a 35mm adaptor. This will give a film look that music videos are based on.
I haven't made one yet, but the ability to have a "crane/boom" is nice because you can do really wide pans with a long crane. I have seen one video where the guy used a mic stand and modded it with a gimble and weights.
I have thought about creating a string mechanism that would cause the camera to continue to look straight ahead as you panned left and right. follow?