Your money will increase a lot by competing in Premier League, but I doubt about the reputation. My Southampton had been promoted and stay in Premier League for 3 seasons, still some players are refusing to play for my team. But if you're talking about playing in Premier League, I think both your targets can't play in Premier League. The striker's aggression and strength are too low, expect him to get dispossessed a lot. He's a hot prospect, not suitable for first team yet to be playing in PL. The goalkeeper also most likely get 2 stars, so I wouldn't make him as first choice GK. Looking at your 2011 season and I assume you're using the default database, try getting Brian Murphy for goalkeeper. He's a lot cheaper and he would do decent job in PL.
I suggest you wait until you get promoted and wait until you get a little bit more money. The TV revenue starts rolling in early July, so you might enter the transfer market a bit late (around early to mid August).
I suggest you wait until you get promoted and wait until you get a little bit more money. The TV revenue starts rolling in early July, so you might enter the transfer market a bit late (around early to mid August).