Check out some booklets I wrote:
http://www.afterglow-photo.com/aftbooks.htm
I pay the model $50/hr for stills, $50/half hour for video. I have found that the only really effective way of getting girl-next-door models (rather than hookers, escort service girls, and exotic dancers) is to advertise in the kind of publications gals in their late teens and twenties read (mainly edgy entertainment-oriented weeklies).
I, too, use the Olympus C-3000-Zoom and can't imagine when I'll want an upgrade of any sort. I'm not even shooting at its maximum resolution. A shoot generally consists of filling two 65Mb SmartMedia cards with about 150 photos each (1600x1200 mildly-compressed JPEG's). A typical shoot runs about 2.5 hours. So, I pay about $125 for a shoot and get about 300 photos out of it.
I have a content business going using these methods. My site is currently down for a server move and redesign, but will start coming back online in a week or so. In the meantime, you can see what the Olympus C-3000-Zoom can do by visiting
http://www.girlsdotcom.com
Your biggest problem will be learning the legalities and also deciding for yourself how you will handle those areas that are gray or that even the experts don't agree on.
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Check out the new teen/young woman content at
Wonders of the Unseen World