That's pretty much what I've just purchased. I'm looking at 1200tvl camera's (780 HD) with either a 2.8-12mm or 9-22mm lens rather than wide angle. These camera's are only around $40 US on Aliexpress.
However I think the wide angle will be advantageous with FPV.
I'm looking at some 1200kv motors and SBEC ESC's as well for that extra lift and lower power consumption with the SBEC ESC. Also looking at DVR modules with SD cards on Aliexpress to record pretty close to the camera rather than losing image quality after it is transmitted to the receiver.
All this adds a big burden to the flight battery, so I'm going to power all the video/AV transmitter from a separate battery, hence the bigger motors. Don't know whether it will be worth getting 4S motors and ESC's or just high capacity 3S batteries, any advise here would be welcome.
Quad copters are bloody easy to fly, and due to the miriad of knock offs you can get from China, bloody cheap as well.
When I used to fly fixed wing, a trainer and radio set me back close to $1000 about 10 years ago. How things have changed.
Cheers, Marschy