I haven't looked recently, but I'm not sure if FMA-1 has a blu ray release in the US.
Brotherhood is still expensive, so I would hold off for a more condensed set or price drop or get the DVDs over the Blus. Part 1-3 is streaming on netflix at the moment.
If you have to buy them, I'd go with RightStuf, Amazon, or Ebay, in that order, to find them cheaper.
As for the novels, Amazon has the entire manga + novel 1 for $130 and free shipping on preorder since they are putting out the equivalent of the Naruto Shadow Box or the Death Note box for FMA.
I preordered mine and sold my old volumes for about half that and mine wasn't complete.