Cheapest: Probably rolling a halfling and doing their cultural, if you're willing to farm brute hides...
Otherwise go wood elf and doing that cultural instead
[You must be logged in to view images. Log in or Register.] It's costlier because you have to use mithril and morning dews for studs and boning, while for halfling cultural you use regular ore. This'll take you to 228 for either one. After that you have to do Velious stuff.
If you aren't either of those, uh...do Velious tailoring but farm everything yourself? That should keep costs down.
Edit: You can also do cultural as an Erudite, buuuuuuut...also costly.