imo, first install wp, pick a good template, make everything work as intended, and then start adding plugins one by one. otherwise you will be overwhelmed with options and template edits.
i think as you will work on your blog your requirements will make you find about plugins of your need;
I think you should worry about installing WP first, plugins later. In any case, I have a link which should hep you out: Must-Have 10 WP Plugins - MENJ
I use a few plugins that might be of interest. I made a post about what plugins I use here. You can read what they do, includes links to all respective sites.