For armor take Bear Skin and put energy imbu in it. It's not that much more expensive than Dream Shroud and you will get much better stats.
EDIT: I didn't realize Bear Skin is for ED only, then Dream Shroud, Dwarven Armor, Swan Feather Cloak are good options for MS.
Mage hat, dwarven helmet, yalahari mask - choose one.
Dwarven legs
Boots: void boots, terra boots.
Shoulder plate, brain in the jar, mastermind shield (from best to worst) - put energy imbu.
Prismatic amulet and ring, switch to energy ring if needed.
Wand / Rod of destruction
This would be my cheap set, the upgrades are really expensive (prices are from my server, it may vary a bit).
- gnome helmet (50kk)
- gnome legs (75kk)
- dreamwalkers (15kk)
- falcon wand / rod (80kk)
- umbral master spellbook (20kk) - this is worth at higher level as it gives less protection but more magic level than shoulder plate
- amulet of theurgy (8kk) - same deal as spellbook - only worth at higher levels as it gives less protection than prismatic but more magic level