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Yes, Sproul is well respected. For a Reformed study Bible that helps to understand Reformed doctrine, check out the ESV Reformation Study Bible (Sproul).
You might also consider The Spirit of the Reformation Study Bible (NIV).
Echoing the above, you might also consider the NKJV of Sproul's Reformation Study Bible if you can find one for sale. They are rather hard to find since the release of the ESV translation of the RSB. It is my favorite. The Spirit of the Reformation Study Bible contains what I consider the very best study notes, theological articles, as well as the major Reformed Confessions (also linked to in study notes), but I prefer the NKJV.
The Dake (KJV) was my first Bible after I became saved at age 32. Because of his notes, I was able to meld my scientific mind with my desire for Christ and His truth. As I studied Dr. Dake's notes, I started seeing some that didn't make much sense, or were a real stretch. Most of these I could overlook because the quality and depth of his other notes was very good. But, that's the problem when you rely on one person for commentary. The proverbial straw that broke the camels back was a note he used for some passage, sorry I don't know which one, that suggested that the various races should not mix. That this was against God's will somehow. Well, I knew right away that was wrong and attribute his biased view from his southern roots. Much later I found out he had a somewhat checkered past. But that's how I started, or should say restarted since I was raised RC until I left the RCC at age 20 or so. So I was saved at age 32 as a Non-Denomination Charismatic Christian. Listening daily to John MacArthur I started developing a more reformed outlook. I continued my in depth studies adding Unger's Two Volume Commentary on the Old Testament and the Bible Knowledge Commentary on the New Testament (I added the Old Testament when available). Now, I study mostly from the NASB, using various e-Sword commentaries like Gill, JFB, Believer's Bible Commentary, Unger's Old Testament Commentary, Bible Knowledge Commentary, Matthew Henry's Commentary, MacArthur's Commentary, Adam Clarke's, Reformation Study Bible with Sproul's notes, and a whole bunch more.
