Don't know if you're seriously after A/V advice. Regardless, this may be stating the obvious:
Blu-Ray will probably get a lot cheaper in the next year or so. Also, unless you have a massive HD tv, it won't improve the experience much. Wait on it. Chances are good that if the economy continues to tank, you'll find other things to worry about/spend money on.
As for vinyl, it's a very inexpensive way to buy old stuff. Also, shopping for LPs is more fun than the iTunes store. A decent used record player will set you back a couple hundred bucks, maximum, and will keep on giving.