Agree - Go handheld
I agree- Go with a handheld unit first. If you decide you don't need it, you can sell it later with no modifications to your boat. If it suits your needs, there are a variety of ways to attach it to your boat that will work well. If you decide that the handheld doesn't give you the options you're looking for, you can install a fixed-mount unit later and keep the handheld for a backup unit. Last but not least, you can take the handheld with you from boat to boat, so you can guide friends and fellow skippers to your favorite anchorages or fishing holes on the bay while letting them do all the sailing work!

I use my Garmin 48 (a very popular, inexpensive, feature packed unit) a LOT in the Florida keys, but I also back it up with charts and local knowledge. It is VERY handy for navigating at night or in reduced visibility- especially when you would 'normally' be able to see the shoreline. Finally, it makes a great tool for measuring speed over ground, distance, and leeway (the course you're making over ground). For ~$200, I'd say the G-48 a great value for the tools and info you gain, with the option to upgrade or downgrade later. It can also be interfaced with other instruments- Autopilot, Navigation software, radar, etc. If all you want is Lat/Long, the ability to track waypoints, and speed/time/distance calculations, a Garmin E-Trex may suit your needs for even less (~$120, if I recall correctly). Good luck, happy GPS hunting, and let us know what you decide!--Jon Bastien