Welcome to SOFT in the dead of the night, or should I say wee of the morning? Hahaha...
A 1.2k budget is really flexible to work with really, but I'm assuming that it includes an amp as well. I see humbucking = rock / metal.
Amp is really the more important factor in electric guitaring, plus you're into that genre, so it'll probably be a Peavey. Look around their range in Swee Lee, see what you like. If you wanna tread into the tube region early though, Epiphone Valve Jr. is a good choice (also in Swee Lee), or the Blackheart (from Yamaha) is also not that bad (but you might wanna mod it in future, but at least there are more dials to work with from the start.)
Depending on what amp you get, having a nice pedal (or not) can get you that distort / drive sound. I recommend Beta Aivin HM-200 or Boss DS-1. (Standard Value / Swee Lee)
For guitar... ponderz... Actually this one HUGE region siaz... Can try out the LTDs at Davis, I feel they're not too shabby. Kirk Hammett's ESP non-signature is a good choice (not sure of the price, anyhow shoot), tried the feel before, quite good. Not for clean sounds, but good under pressure. (meaning drive / distort etc.) If you like solid sounds can go for them Les Pauls too, I believe there is a PRS thats around 1.2k thats quite well reviewed too. If not, a midranged Epiphone Les Paul Standard (or Plus, or Plus Top) also not that bad. Slash Epiphone Signature Les Paul IS THE ONE TO GO!!! I believe its just nice 1.2k at Swee Lee Bras Bersah.
Oh well, not sure if that helped. Good luck in your search~! (feeling kind cos I'm bored in the dead of the night...)