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Don't know what your experience and education in recording looks like, but start out by reading, reading, reading and listening, listening, listening before dropping large sums of cash. At the point you stand now, instead of buying outboard effects to tinker around with, I'd invest in a much cheaper DAW (Logic, ProTools LE w/an M-Box... or dozens of others that are good, but I can't recommend as I don't use them) and explore the effects you already have in the box with those before spending big bucks on analog gear for effects or third party plug ins.
That being said, with the $1500 I'd get some monitors and acoustic treatment of a permanent space you can work in. Strictly working from headphones is not only going to give you a very different view of what something sounds like, it's also extremely fatiguing and will be difficult to get good sounding mixes.
Good luck and keep us posted.
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