You can check the Lothlorien section for formats, and each format has a stickied post with its rules (including the sets that make that format up) and regulations (X-lists, R-lists and such).
Nowadays, it really does not make that much of a difference how you go about it, as most boxes are dirty cheap and so are complete sets. On the newer sets, both are expensive as #$&*@! as well, so, still, doesn't make that much of a difference.
I, for one, love cracking me some packs. I'd also advise you to download GCCG (you can find a link for it at the Valinor section) and play a few games online. It's fun, it's free AND you get to crack packs!