Ahh, Pro Tools LE.... I thought you wanted to run a business studio where people paid you to engineer...?
LE is a decent program, it's designed for home use though, it's not Digidesign's idea of a professional DAW. By going with LE, you'll lose a few aspects of the Digi02 obviously, but you'll need to spend a large portion of that $7000 remaining, on other equipment.
As for the booth, you can construct a good one for around $500.00 if you do it yourself. Check the Studio Building and Display forum on here, lots of good information, and "How to's" in there.
Now, if you decide to go with Pro Tools LE, you're going to need to upgrade your Mic-Pre, and if you're planning on running a project studio as a business, you're going to need a serious pre, and a serious mic...
Honestly, if your going to go with LE, I'd actually recomend you downgrade the DAW to something like Nuendo, or even Adobe Audition... You'll achieve the same performace with it as LE. I'd build a custom PC, at least a 120 GB HDD, a P4 3.0 Ghz, with a 733 FSB, with at least 1 GB of DDR SDRAM, you'll need a serious sound card as well, I'd recomend an Aardvark Q10 if you're planning on doing any serious tracking...
With the custom PC and soundcard, you're looking at about $1500. Add Nuendo at about $1500 and you've spent your $3000 and have achieved well more than you can with Pro Tools LE, in my opinion. If you want to save on the DAW, then Downgrade to Cubase SX, or even as low as Adobe Audition... you'll knock the price down by $1000 or more from Nuendo.
As for the Mic, and the Pre... this is your most important piece of equipment at this point... So why start low-end only to upgrade later on? I say get the best first, and never have to worry about upgrading, while accomodating Singers, Rappers, and anyone else you might have come by... Go with a Korby Convertible.
http://www.korbyaudio.com/kat4.html
The price tag is hefty, at $6000.00 but, you may be able to get a break on that. Ask your local dealer... I've had personal experience with this mic, and it's unbelieveable how well it replicates the 4 different mics. Spend the last $1000 on a mic pre, and you're set... Read up on mic pre's though, I'm no expert in that arena, but I know you can find some seriously good pre's for Under $1000.00 so, do your research.