There doesn't need to be an FAQ on it, but it was apparently a frequently asked question, so they added it to the FAQ. Well, it isn't the exact same question but the mechanic is similar and should make you sleep well at night. From the Dunwich Horror rulebook:
Q:What happens when characters that get to draw extra encounter cards at locations (Darrell Simmons for Arkham encounters and Gloria Goldberg for Other World encounters) have an encounter that instructs them to draw 2 cards and choose 1 to encounter?
A:When instructed to draw 2 cards and choose 1, these investigators draw an extra card – which means they draw 3 cards and choose 1 to encounter.
But isn't that different from the OP's question?
The question answered by the FAQ specifically addresses the situation of 'draw X, keep 1'.
Not only is that different from 'draw X, keep X', it's also not defined anywhere (I think) if starting equipment is obtained from a single draw or from several draws.
I.e.: is it 'draw 2, keep 2' or is it 'draw 1, keep 1' twice?