If you have been shooting compounds up to this point, two very good rules of thumb apply...
#1, your draw with a Trad bow will likely be a good inch shorter than it is shooting compound & release.
#2, whatever draw weight you are comfortable shooting (I stress comfortable shooting as in shooting repeatedly, not the most you can draw!) with a compound, subtract a good 10 or better yet, 15 lbs off that for your first Trad Bow.
I'm an oddball in that I draw 28.5 with both compound and Trad, but I purposely shoot a compound with a slightly short draw. My natural draw to comfortable anchor with a compound & release is a shade over 29".
I set up all my compounds to be comfortable shooters for me, which is 60-63#. My recurves are all 52-55# at my 28.5" draw. I find 52-53# to be just about right for extended comfortable shooting.
As far as what you can afford, I highly recommend you peruse the Classifieds here on Trad Gang, before buying over the counter. We Trad guys try, sell, and trade bows constantly looking for the perfect one for us, and you can often pick up a lot more bow than you could afford over the counter at a very fair price hereabouts. I personally have bought, traded, and sold several getting to the 1/2 dozen that seem to be my more or less permanent line up.
For your general do everything, easiest to shoot, most forgiving first bow, it's tough to beat a 60" recurve. Generally speaking all but the longest draws can shoot a 60" bow comfortably, and there are lots of good recurves of that length to choose from. As you gain experience and get a better idea what you personally need/want, you might find yourself trying shorter or longer stuff. I personally favor 58"-60" recurves for all my hunting.
BTW, interesting you said "first" trad bow, as if you are like the rest of us as a rule you will have a number on hand before too long.
Good luck, good shooting, and welcome to the club. We don't have jackets...