My range has action shooting that they say is practice for USPSA shooting. It isn't officially sanctioned, just a way for the range to make more money. (it is $10 for members per event)
The focus is on speed and a certain level of marksmanship. None of the targets are hard to hit. It's just that if you rush and try to be a commando, you will lose more time by missing than you would have to simply slow down.
It's like that old Wyatt Earp quote: "The trick is to shoot slowly quickly." (or something like that) What he meant by that was not to sacrifice technique for speed, rather practice the right technique until it becomes faster.
A perfect example was when the action part was over, and we did a one-on-one dueling tree tournament. I had my S&W 625. My opponent had some sort of hi-cap 9mm auto. There are six targets on each side of the tree, and the first one to knock his six over wins. I was shooting way right in DA, so I just took my time and shot SA. I missed once, so I had to reload. I beat that guy, who missed so many times he also had to reload! The next time, the adreneline got to me and I missed several times and lost.
My advice is to go for it. Just go into it accepting that you're going to lose a lot at first until you get used to it. Go into it with the attitude that you just want to have fun. Somehow, it is very exciting, even though I know my life is not at stake. I hear that buzzer, I know I'm on the clock, and so I rush a bit more than I should. It's hard to overcome that part!
As you get more experience, you'll get faster and faster.
I bought middle and low end equipment for my 1911. A stiff nylon Bianchi gun belt. Not duty stiff and big, but stiff enough to be better than a regular old sturdy leather belt. A mid-range Blackhawk holster and two double mag carriers. Probably $100 outlay altogether.
Then, I decided I wanted to try my CZ 97B too. For that, I just bought a cheap Bianchi nylon holster for something like $20 and use it on a sturdy leather belt. I'm not a top level competitor, so if it is not quite as quick on the draw as a molded plastic "Kydex" holster, I don't care. I didn't even buy mag carriers for this gun, I just stick them in my pockets. (this is probably not allowed in IDPA)
If you're concerned about equipment costs, check gunbroker. I bet there's some folks out there who got into it, realized they could not compete at the top level, then got discouraged and quit. If you find you don't like it, you can just flip it back on gunbroker and get your money back.
I think you'll find the main expenses to be ammo, gas to get to the shoots, and tournament fees. A couple competitions will cost more to shoot than your equipment, so that is what you should be considering.