The Pantin is one the best peices of equipment which has come on the market in the last years. You can read a review I wrote about it a few years ago in Grottan. Unlike the reference Rolf gives, I use my Pantin ALL the time. In fact it is even more useful in small awkward pitches than it is in big deep ones. I enourage all beginners to get one of these as soon as possible. You can of course do without it, but vertical caving is definitely eaiser with one.
Have you looked at the Standard SRT kit for 195 pounds which HnH offers (as opposed to their cheaper basic package)? I think this is good value, and is all good quality stuff. I much prefer the Petzl Avanti to the Fractio. Throw in a Pantin for 39.50 and you have a great setup for about the same money that you mentioned (234 pounds) .
The standard SRT kit includes a steel braking crab rather than a Handy. I caved with a steel braking krab for over 20 years before Francis bought me a Handy for Christmas. I use the Handy a lot when caving on 9mm ropes but I find it gives too much friction on thicker ropes, so you still see me using a standard steel krab sometimes. Get the Handy as well if you like, but you will certainly manage OK with a steel braking krab.
Mark