Skills are really not that important when you're just starting out. Their main effect is in producting more valuable things and working a little faster, while early on you'll be more concerned with not being eaten by bears and having enough food to stay alive.
Skills also go up fairly fast in the game, so a dwarf who you leave dedicated to a task will become good at it soon enough.
It can help to decide at the very beginning which dwarves are going to focus on what and give them one level in that skill so they'll set off and do it immediately, but you can also handle this from the jobs interface.
Your points are probably better off spent on food, to increase your chances of survival. Go for plump helmets, since those will leave seeds after being eaten, which can be used to plant more once you have a farm.
You might also want a pair of dogs and/or cats; they'll produce offspring and don't consume anything or require any maintenence at the moment. I think cats help deal with vermin... war dogs will provide another layer of defense at no real cost. They won't do too well against even the weaker enemies on their own, but they're a lot better than nothing. And, in a worst-case scenerio, I believe unassigned dogs can be slaughtered for food... I'm not sure about that, though. Cats can't, at least.
Most other equipment (e.g. extra picks) might look useful, but tends to be brought by later immigrants with the necessary skills anyway. Go for food... surviving the first winter can be very tough, and once you've managed that you'll probably be able to get anything else you could've bought with your points fairly easily anyway.
And don't forget to build some simple woodcrafts and stonecrafts early on, too, so you can trade them to the first dwarf traders for even more food. Trust me on this. Starving is no fun.
(Oh, and start in a 'calm' area on your first fortress. Really. With wood and shrubs, naturally, and in as warm an area as you can manage while fitting those requirements.)
[ August 13, 2006: Message edited by: Aquillion ]