I probably would have still gotten into it knowing then what I know now. But I would have done things differently.
Patience is the key, as others have said. When I first started out I was in such a rush to have a great tank. It wasn't until I realized that the main ingredient in a good reef is time, and there's no way around it, that I started to really enjoy the hobby.
BTW rogerwilco, fingers crossed that I never find a worm of that size in my tank. If I do, there's no way in hell the wife will let the tank stay. She'd probably pick the tank up by herself and toss it out on to the driveway...