#1
2 Questions, looking for my first pedal... wah wah pedal or overdrive?

Following on to that answer what is a good wah/OverD pedal thats around the <£50 mark?
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#3
Depends on what you want.

What amp do you have and what do you play?
Fender American Special HSS Stratocaster
Ibanez 1987 Roadstar II Deluxe
Yamaha THR10X
Marshall JCM900 SL-X
Ibanez WD-7 Weeping Demon Wah
TC Electronic Polytune
Seymour Duncan Tweakfuzz
#5
That's like asking if you should go to the supermarket or a crafts store. Its two completely different things.

If you are in need of more drive, get an overdrive pedal. You can find a Bad Monkey for about $40. A decent wah pedal will be at least $60 if you are lucky.