For software and audio interface, I think you should be ok. As mentioned earlier, the preamps on the Fast Track aren't too good but it's not like they'll prevent you from recording decent tracks either. And you always have the option of getting a dedicated preamp in the future if you wish.
Same for the software - if someday you feel that it limits your creativity, you can always upgrade - Cakewalk has some of the sweetest deals on upgrades.
For the keyboard, personally, I wouldn't feel comfortable w/ anything less than 49 keys (speaking as a guitar player there. Even then, I sometimes feel like I'd be better off w/ something a bit bigger. I'm sure a pianist would probably be as uncomfortable on a 49 keys as I'd be on a 32). Kenneth pointed out a nice option. Otherwise, you can get a brand new 49 keys controller for $100, like M-Audio's Keystation 49.
As for the monitors it's pretty much a case of whether one prefers to buy cheaper now and have to replace it afterwards. Honestly, though mixing exclusively on headphones isn't ideal, in that price range, I think you'd be much better oft w/ a pair of ATH-M50's.
I haven't head those particular M-Audio monitors, but I've worked w/ other M-Audio monitors in the past and never liked them. I've also worked w/ small (Alesis) monitors while on the road, and that's probably the only reason I'd use them (portability) - anyway, I always ended up double-checking everything w/ the headphones. I didn't attempt to do serious mixing though.
Personally, I'd go for the headphone and put some cash aside until I could afford better monitors.
As for the mic, a good old SM-58 can usually be found for less than $100. I'd stay away from cheap condensers.