Peanut Rolling isn't desirable at all. The poll should be about level with the withers with a nice level neck. As already mentioned, you want rythmn and cadance through your gaits with your horse actually moving forward of his hind. AQHA has a great video (wish I could think of what it's called) which shows the difference between a good example of each gait and a poor one.
As far as the tack, at the local shows just make sure you are clean and well presented. You can show (and win) in s plain saddle with no tooling or silver. Just make sure you clean it and have it properly adjusted. Same goes with your clothing for you. You dont need to go buy everything they have in the latest HobbyHorse. But make sure you are presenting a clean, respectful image to the judges.