Nikon D50 and which lens?

I am getting ready to make my new Digital SLR camera purchase after finally being able to justify the purchase...

I am an old time Nikon guy, I tried the Canon's and I just feel all thumbs with a Canon, something about a owning a Nikon for 30+ years.

My Q... Which lens(es)? I don't think the standard 18-55 will be quite as useful/good as the better 18-70 that comes on the D70 so I am probably going to upgrade to the 18-70 lens for a little extra. I am considering this package from e-bay:

http://cgi.ebay.com/Nikon-D50-SLR-Digital-SLR-w-18-70-70-300mm-512MB-KIT_W0QQitemZ7540023233QQcategoryZ43456QQssPageNam eZWDVWQQrdZ1QQcmdZViewItem

It comes with the D50 body, 18-70 ED lens, 70-300 G lens, and a few other extras for $1159. Does this seem like a good package for wakeboarding and scenic shots?

Thanks for your input, Mike

feel free to send me a PM: mikeskiw@gmail.com