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I've been mostly equiping him with drops and quest rewards.
Keep it up! some of it depends on class, as some classes are more gear dependant than others, While I am not recomending it, it is not tough to level a mage/priest/warlock to 40 almost naked if ya got a ok wand. For the most part drops and quest rewards should do ya. After you get about 90 gold for your mount, then figure in the cost of level 40 training, then start worrying about buying stuff, but even then most purchases are......say short lived, and are replaced quickly.
IMHO the best stuff is aquired in instances or as quest rewards(with a few expeions and some epics)