If you are trying to spread the plat out as far as possible I would pick up a set of the 55hp/5ac rings, Sword of Skyfire, Clay Guardian Shield, Glowing Bone Collar, Crested Spaulders, and then probably a set of bronze armor. This will give you some plat to save for spells, ports, etc while leveling.
For your friend playing the monk, you could hook him up with a full cured silk set and a Wu's Quivering Staff for around 200p.
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