I was excited to get to tier 5 and get some upgrades but all the weapons I'm seeing don't seem that great at all... My current set consists of: Phoenix feather, rainbow quill, mystical star shuriken, shinwas temple shard, gorgun, gear theme crossbow, eventide chakram, and cursed demon sword. I don't want to break the bank for any weapons I'll just replace a little later on as well. Any weapons I should know about?

I think the hardest hitting tier 5 weapon is the forj tempered machete. The Forj Tempered Kusarigama and forj tempered shield are also useful.

The Forj Tempered Kusarigama is pretty decent and cheap. Freezewand of Doom or Reborn Wand of Doom are also nice options that can potentially be used for a while.

You should also add a Recycle Blaster to your set :)