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Do not shoot a low budget feature. Shoot a great short and do the festival circuit. It will become your calling card and you'd be surprised how many people in "The Business" have time to watch a well-received short who would otherwise never dedicate the time to watch a low budget feature.
A director has to be able to have an understanding about every other aspect of filmmaking though. Especially these days, and on these budget levels.You know who owns gear? Directors of Photography. Camera Operators. Production companies. You know who doesn't generally own gear? Directors.
if you want to be a DP, Camera Operator, Production company, buy gear. if you want to be a director, make a movie. Screw the gear and concentrate on your shot list and getting the best performance out of your talent. Get the best people you can to light and camera operate for you so you can concentrate on directing. They will have gear, or you can rent it, beg, borrow, and steal it. Don't actually steal anything you'll go to jail. It's just a turn of phrase.
If you get gear, you'll learn how to use gear, not direct a film. If you make a film you'll definitely learn something about directing.
Forget all about image quality, mbps, DR, highlight roll off, and all that technical jargon and concentrate on your shot list, and your talent.
A director has to be able to have an understanding about every other aspect of filmmaking though. Especially these days, and on these budget levels.
The great thing about owning camera equipment for a director is that it frees you up to play. Just go out and make things for the hell of it and develop a cinematic language.
A director that can shoot, cut and work sound both during production and in post, has a better sense of what and how to create.
Buying a 7D with three lenses instead of renting a Red One was easily the best decision I've made as a filmmaker.