my opinion.(I am a hip hop producer aswell)
M-box will not make your shyt sound better,Im not a fan of Pro Tools but if I were to set sumthing up It would be a Digi 002 set up.Im not sure what your using now but if it ain't broke don't fix it.the software really shouldn't have an impact on the sound quality fo your productions hardware ie interface/D/A A/D converters/monitors etc will be the area in which needs the extra attention.(and the protools LE systems are fairly poor).
I wouldn't suggest a Blue Mic I know there good mics there just not suitable for "spitting",rapping, there more of a musical mic catered to singers.Check out the KSM line up from Shure,the RODE line up (pretty much anything with a NT in the model # is safe,also check out AKG not sure on what models 2 reccomend but I here alot of great stuff about them.
As for the Fantom X....Iv'e been drooling for months I want one soooo bad but I have more important things to purchase Im not in the position to be buying "goodies" like the Fantom.But hells yeah if you got the $$$ got for it just make sure to get the X6,7 or 8 and not the S or XA cause there lacking alot of the areas in what make the Fantom X so desirable...