weapon and haste will pretty much always be your best bang for your buck early on. However, dont over think it, just have fun playing. Good people will always welcome you, no mater what your gear.
Also, another option would be to camp at Skyfire (though a bit dangerous) and try to grab a:
http://wiki.project1999.com/Halcyon_Broadsword
Don't know if people do gwurms very often these days, but if so, those usually rot. Using that with a shield is pretty nice.
Also you can pick up one of these pretty cheap:
http://wiki.project1999.com/Arbitor%...ine_Greatsword