I just updated my Magelo to show the upgrades I've bought in the past week and a half or so. I haven't been able to follow your recommendations as much as I'd like due do the availability of items in the EC tunnel but I'm pretty happy with what I've bought. The notable changes are my face, back, belt, and 2nd bracer. I've increased both my AC and my wisdom. I think I'm good for now and will focus on saving money for spells at this point. My plan for armor is to go for the Coldain faction armor next, once I go over level 52.
https://wiki.project1999.com/Magelo_Green:Malkor
I did manage to go on a Nagafen raid and while I died once getting to him I didn't get in the way too much I think. We killed him anyways, so that's good, Now I just need to fight Vox.