Turnigy batteries, motor and ESC from Hobby King, KR timer.  You'd have to price it out but I added it up once and I think it came out to less than $150.

You'll have the same problems with the Hobby King stuff as any other cheap Chinese: maybe it'll work and maybe it won't, if it does work, maybe it'll last and maybe it won't.

I've heard horror stories on this forum about the cheap stuff -- but other's like it.

One thing it will be is heavier for the power than the spendy stuff, or at least the batteries will.

I have been buying my Lipos from Hobby King, then get the speed control from Hobby Lobby (eRC). The eRC speed controls are priced well and work great. For scale purposes I am flying with the G series of motors from Hobby King on some of my scale models. The G series of motors from Hobby King are identical to the E-flite motors in general size and specs (1/2 the price) but there are some differences in the mount and case, so they are not the same motor, but work just as well.

I would suggest a Lipo and G series (Turnigy) motor from Hobby King and the eRC speed control from Hobby Lobby.

I don't use a timer since I have throttle control so I have no idea on that topic.

Fred C.

Propeller
3 APC 11x5.5 pusher thin Electric $4

Motor 1
Turnigy 3548/5 900 KV   $13.72
Spec.
Battery: 3~5 Cell /11.1~18.5V
RPM: 900kv
Max current: 43A
No load current: 2.2A
Max power: 770W
Note: Can't get this anymore. The new version is $21.59

Battery  $27.10 ea.
Capacity: 2650mAh
Voltage: 4S1P / 4 Cell / 14.8V
Discharge: 40C Constant / 50C Burst
Weight: 318g (including wire, plug & case)
Note: for a .40 to .46 size plane and (50+ oz) I wouldn't think of going less then 2650mah capacity.  These are cheap batteries and won't last if you abuse them.  You want don't want to use more then 80% of the capacity before charging.

Controller
Castle Creations ICE 50 Lite  $72.50
Note: This is the cheapest way to get data-logging - very glad I have it.  Some say they've looked at it once and never again.  If you don't go with data-logging functionality you can save a little doe here with something else.

Timer
KR ver.2 with Governor Gain  $37.50 (RSD Distributing)
KR Governor Programmer Unit  $13.00 (RSD Distributing)
Note: Love it - easy to program.

This flies my highly modified heavy ForeRunner (553 sq / 54oz) pretty well (if I could just get it trimmed right .
Currently running 5.2' laps at 52mph (no kidding) on 59'9" lines; 10K RPM exactly.  This uses about 2000mah of the 2650mah battery and the whole thing stays very very cool.  On a hot day (85 deg) you have to hold the battery to your cheek to see if it actually warmed up.

Here is THE OTHER part:  You'll want more then 1 battery as charging at 4 to 5 amps will take up to 30 minutes (don't charge over 5 amps if you want your cheap batteries to last).  You'll also need a charger.  Prices area all over the map - mine is a "Thunder Power TP610C-ACDC LiPo AC/DC Charger w/Balancer" which you can find for approximately $100.

Last comment - My flying buddy and I went cheap because we didn't want to spend big doe until we knew we had the right combo of motor/Bat/Controller/Timer.  Make sure you read the "List your setup" thread from beginning to end at least twice if you're feeling fuzzy about any of this.

Cheers and good luck,
Doug

Thanks to everyone that has replied.  A special thanks to Doug for outlining the costs.  William....I can't afford model magazines, but thanks for the suggestion.