If you have the disposable income to literally throw away $250 bucks, then no - it is not too much. If you don't, then yes it is. I don't mean to sound harsh, but the reality is you cannot buy a lure and plan on using it and not be willing to lose it. I fish with a lot of different people, many end up borrowing my tackle and they are always worried about losing a lure. I tell everyone the same thing, "I didn't buy them to look at, I planned on losing it the day I bought it." The trick, which I didn't learn early enough, is buying the "right" lures.
For example if you fish small streams for smallmouth and redeye - you don't need to buy a dozen 3/4oz jigs or 8 inch jerkbaits. However, a couple J7 Rapala's would be a great choice. If you fish for panfish, you don't need those spooks and flukes, but a beetle spin and some 1/16th oz grubs would be great. I would personally suggest starting with smaller lures. I know, I know - big lures catch big fish. But when the bite gets tough, we down size. If you don't have smaller, more versatile lures, what do you down size to? Another reason I suggest going with smaller lures is two fold. First, they "may" be cheaper, secondly you will generally have better catch rates on smaller lures. But, at the same time - smaller fish more often. Which, to me, is ok. Especially if you are learning how to use artificials.
If I were to start fishing today with no tackle, and just learning I would look at the following as a starting point (assuming you are fishing mixed species water with a variety of sunfish): I'm in SW Virginia and fish a mix of streams and lakes. Most notably, I would NOT buy ultra high end lures. I would start my "core" hard plastics with quality gear, Rapala, Strike King, including the cheaper Bandits and Rebels. But I would avoid stuff like Livingston and Livingtarget where to cost is just so high. (But they do work!)
Grubs - I would get a mix of 1/16 up to 1/4 or maybe even a couple 3/8 oz jig heads and a variety of sizes and colors up to 2 inch. They will flat out catch anything that swims. You could stop here and catch TONS of fish.
Crankbaits - I would get a few smaller ones, and a couple larger - all shallow to mid running. Maybe buy 1 or 2 deep runners if you have deep enough waters. Great search baits that catch tons of fish.
Spinnerbaits - no need to buy a box of these on day one. 1/2 oz white, with willow leaves. 1/2 oz "bluegill or perch colored" with mixed Colorado and willow. 3/8 black and blue with big Colorado blades will get you through a lot to start out. And they are hard to lose, so you don't "have" to have so many backups.
Jigs - I would get a few jigs, notably a 3/8 oz black and blue, and a back up of the same. Then maybe something a little smaller like a 1/2oz in pumpkin seed etc. These, for me, are super easy to lose lol. remember, a grub on a jig head is a jig too - so if the jig bite is on, and you lose your big guys - you still have options - get creative.
Soft Plastics - By plastics I mean worms / flukes / senkos etc. Great thing about these is that you can use many of them on the same hooks. So getting a couple dozen hooks and a variety of soft plastics gives you a ton of options and offers great success. I personally opt for 3/0 Extra Wide Gap hooks 90% of the time. Small enough for dinks, but big and solid enough for bruisers too. Sometimes, I will down size, or sometimes I'll jump up to even a 5/0 depending. But 3/0's are my staple. Flukes and Super Flukes are killer, 4-6" worms, senkos, etc. Don't forget terminal tackle like swivels, weights etc. Soft plastics can be as versatile as you want them to be from floating on top, to dragging the bottom to anything in between. Draping a worm on a football head jig can work wonders at the right time.
Top Water - I would get a couple top water guys like a zaraspook and/or skitter pop, and a good ole fashioned el cheapo popper.
Then from there I would do two things: First look for sales. You can often times find a good deal on a variety of different lures with big box sales. it's a great way to supplement your collection, and build up different colors and looks. And don't be a snob. Sure, those $20 lures look great and do catch fish. But so does that $2.50 Rebel you just found on sale.
Secondly - Look for used stuff - yard sales, flee markets, friends selling off stuff, sometimes even ebay. If you look around, you never know what you might find.
Now, I can guarantee if you ask 10 people, they will give you 10 different answers on what they would spend $250 on -- but that's where I personally would start. But, keep in mind -- $20 worth of grubs can be just as much fun as $2000 of too many options to choose from. Sometimes it's easier not having so much...
Oh, and having the same lure in 18 different colors is nice sure --- but to start out - not really worth it. Color is important, but starting out I would look for a few simple combinations. Natural, bright w/ chartreus, darker. And that doesn't mean that you must have three Rapala's of every size in that set - but a bright Bomber Fat Free shad, a Natural looking Rapala DT6 and a dark Normal Little-N would be a simple starting set of cranks.
Tight lines!