Oh, please do buy a Pencil, it makes the iPad so much more useful!I also would recommend this. I don't actually use OneNote nor do I have the Apple Pencil, but I use Word and Excel often, and the 1 TB of OneDrive storage is a great deal. Having OneDrive really helps you with using the iPad as it gives you a file system. I also use Documents by Readdle instead of Microsoft's OneDrive app to access my OneDrive space, and that gives me a central file manager to keep my files organized.
Then again if you really don't need it, it's a bit expensive.