Newbie studio setup for home...?

I've been wanting to get beginner home studio setup going and am not sure where to start in terms of equipment, lighting, background etc.  I found on a webste where it suggests the cowboystudio all in one kit as a good start.  It is the:

"CowboyStudio Photo Studio Four Monolight Strobe Flash Boom Kit - 4 Studio Flash/Strobe, 3 Softboxes, 4 Light Stands, 1 Boom, 1 Barndoor , 1 Background Support System, 10 X 12 feet Muslin Backdrop and Carry Case"

I am primarily shoot my 6 month old son and wife, family, friends, etc.  I've asked for money to go towards photography equipment for my birthday and x-mas.  I have a d600, a speedlight flash SB-700 and a 50mm 1.8g and 85 1.8g.  I was hoping to do some creative shoots with my son at home during the winter.

So my questions are....

1.  Is this kit too much for me and my needs?

2.  Is cowboystudio a good brand?  (from what I have read I think it is)

3.  Is there another brand or kit that would be better for a newbie like me?

4.  Should I be spending the $$$ on another lens instead of some insane setup?

5. I am thinking too big too early?  (I feel like I am)

5. Any other suggestions or comments?

THANKS IN ADVANCE!