Wade,
If you're serious about just wanting to punch holes in paper and blow through ammo, you'll go broke shooting anything other than .22 LR. Handgun ammo is expensive these days and is still hard to find in any quantity (at least around here). Think about a Ruger Mark III, a nice .22 target pistol.
If you want the handgun to see duty as home defense as well, then go with the 9mm or move up to a .40 S&W. Glock would be a great first choice, easy to take down and clean, and it will run like a champ. I have a soft spot for the S&W M&P 9mm as well. Smith also makes some nice stainles steel 9mm guns, to give you a little more heft. For home defense, night sights and lasers are a nice addition.
Find a range that will let you rent, or go shooting with some buds who have different models.