I think the session drums will work and if you feel they are lacking down the line, you can upgrade or get a 3rd party software, like Toontrack EZDrummer. Melodyne is an excellent pitch correction/altering tool, but unless you become comfortable with the program, I think you'll spend more time "tweaking" and you could just do another take, punch in, comp vocals, or whatever... in much less time. You can also get *creative* with Melodyne, but that's another avenue. The other instruments shouldn't be deal breakers if you don't have them either.
However, the producer edition is a great value with the extras, but that's also why Cake probably has their products tier'd out in this manner.
I just jumped from 7PE to X3...have a decent amount of experience, but have a bit to go to feel *at home* totally with the new X3. It's a massive, incredible program, as are their lesser costing ones. Plan on learning for a bit, but when you're comfortable, your final results will really reflect that.
My opinion is that it's really the $ at this point that will probably dictate what you might get. You'll be buying stuff now for the producer edition that you may not use immediately, but by the end of summer, you'd probably be glad you had them. If you're a total newbie, I wouldn't waste the extra $ on the more expensive program at this point. Upgrade when Cake puts out a new release... X4 or whatever.