Can someone suggest an effective equipment set that i could put together at a modest price? 5m?

Depending on who your going to battle, you might like to check out the Recommended Weapons Guide in this thread Useful Battle Threads - http://subeta.net/forums/view/499353

Some items to look into are a healer, stealer, freezer, 2 attackers and the blasters

Moving to set advice subforum.