Thanks everyone for all the tips on the lenses. I've tried purchasing two lenses already, one a Summitar 50 f1.5 and the other the Nikkor 50 HC. Unfortunately the Summitar sold a day earlier and the Nikkor HC sold within minutes of ad appearing. However, the individual who sold me the M3 gave me a good price on a rigid Summicron, so I ended up getting it. Now I have to wait ever so patiently while it goes from post to me! 🙂 I did end up going over my preferred budget, but I think its going to be worth it. I will be mainly doing black and white, developing and printing on my own and sending film off for scanning.
I'm thinking of going on a one lens a year experience. I plan to use the Summicron for about a year to learn what I like and don't like about it. Then I can trade or get an extra 50mm and experiment with it for a year. Should be fun! 😀 And maybe, just maybe, I might find a lens I like better than the modern ZM Sonnar.