There are a lot of "backpacking for cheap" gear lists around. Unless we can improve on the existing ones, maybe just send folks that direction? There are a bunch of links on Mark Verber's website.. A couple of the links no longer work. Here's one on the Gossamer Gear website: Mark Henley's Ultracheap List Here's an article (not a list, though) on Whiteblaze: Cheap Gear--How to Dirt Bag and Deal Shop Like a Professional.
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May your trails be crooked, winding, lonesome, dangerous, leading to the most amazing view--E. Abbey