Now that speed dial looks kool! aluminum, adjustable, and has the weight, kinda slim though? JR
I would also, aside from getting a new throw, check these two videos out. They will get you up to speed for the most part, and there just a great source of information!
Ten Years and Throwing: A Documentary of the past 10 years and transition into modern yo-yoing.
The Game Has Changed: A more modern documentary talking about whats going on now. http://vimeo.com/30956752
Good luck with getting back into this hobby! You have a lot to look forward too! 
Hi there,
I too, got back into throwing after a 20 year layoff. Welcome back!
When I got back into throwing, I thought that a combination of old/new would be the best way to go. Turned out to be a waste of money though. Modern yoyo-ing is about unresponsive play. I agree with the post that said to skip the responsive stuff and get yourself a good unresponsive yoyo.
You can get a YYJ Dark Magic or Speeder2. They come with a thin bearing to be responsive - you will use that for about one hour. Once you are bored you can put in the wider bearing to make it modern/unresponsive and start learning for real.
Once you can bind - a whole new world will open up.
Cheers.
^This. But if your going into a full unresponsive throw, dont waste your money on a Dark Magic. Buy a higher end throw, because you are going to spend the same amount in the long run, might aswell get a good metal off the bat.
Cheers,
You must rememmber though he has a budget, and since he does. The Yoyojam Darkmagic II would be great. it’s a best of both worlds for what you are looking for. it was the aluminum and the plastic. Along with being shipped with the thin beaing to be responsive, and when you get the gist of yoyoing again you can switch to the speed bearing, and you have an unresponsive beast. i believ right now the yoyo is in the $40-$50 range depending the version of the yoyo you get. Imo this is a very nice yoyo to learn on.
Hi,
Lots of Good advice.
We were the first to put the slim bearing / wide bearing combo in yo-yos. The velocity is a better choice. Personally I would recommend it over a Speed Dial too 
Im sure you will enjoy whatever you buy.
Welcome to Modern yoyoing!
Ben McPhee
yoyofactory
Gee thanks, now i really feel old! lol the oldest date in either of the videos was 1999, heck i had already grad collage and was married! boy do i feel old now )~: JR
I’m leaning tord the velocity, I think that speed dial is really cool too! I’ve been doing so much freaking research my heads going to spin. They say that the velocity keeps getting better due to newer upgrades, how do you know if its a newer one or old one? I really like the yellow/green clear one, swop the white string with a green one, ha ha, JR
The Velocity is a great yoyo. The included bearing is pretty much unresponsive to begin with; it’s slimming the gap (via the dials) that creates the responsiveness. I don’t remember having to break it in for unresponsive play at all. I also had occasion to interact with YYF during that very humble purchase (it’s only $20; they could easily have ignored me!) and they earned a tonne of love and respect from me.
I threw trapeze after trapeze after trapeze with that thing, and when tuned to be responsive, I would just pop it into the air and it would bind back down, which is a super-fun move that makes a simple trapeze feel like a rockstar move. 
Before learning to bind, I also ordered a Dark Magic II because of the dual bearings. The slim bearing it comes with makes it very responsive, and a simple swap brings you all the way in the other direction. It’s a win-win situation. I’ll say this, though: when I decided to learn to bind, I never went back. There are a few fun things you can do only with a responsive yoyo (UFOs, for example) but the sheer volume of other fun ttricks that are unresponsive-only means that you probably won’t go back either.
So start with the Velocity if you like it. Or the Classic if you like that one. But no matter which one you pick, if you find you enjoy yoyo, you’ll soon buy a purely unresponsive yoyo anyhow. Start shopping and saving! I do relate to wanting the safety net of responsive, though, so don’t listen to those who would have you bypass responsiveness altogether; it’s nice to move at a pace you’re comfortable with. (Funny aside: many people who have only ever done unresponsive find responsive yoyoing the bigger challenge. And in many ways, it is!)
That’s my two pence.
Thanks Greg, I think that’s what I’m going for, and after I get set with everything then ill probibly move on and get a completely un responsive, but in due time, have to get the one first, but before that I have to convince the wife! That’s harder then learning the tricks, lol. JR
Here’s my advice. Consider the source. Do some research on the people that made these two responses. Two very respected and knowledgeable yo-yoers have offered opinions.
Again… my two cents. 
Going shopping today, and I just might be coming back with my own yoyo to start doing my trucks! Well see, JR
No such luck, 
guess ill have to save a little more for shipping then order and wait, but I did get my older son into the swing of things, yet he broke his brothers piece of junk imitation brain yoyo, so of course now he wants his own, guess I know what to get him for Xmas! JR