If I knew then what I know now.. no way. I would not start raiding until WOTLK.
It wasn´t just the consumables, it was the very linear tiers with no catch-up mechanisms. If you ever wanted to raid Naxx in 1.0... you basically had to have been raiding since MC.
Vanilla was terrible for endgame. If you didn´t raid, you were stuck trying to get groups for 5 mans or else farming pages in Sith