Rule #1: Never buy a "bargain" sleeping bag.
They are anything BUT! Unspecified fill material which may lose loft is not a bargain. That said, they're fine for summer overnight use.
Rule #2: Make sure you follow rule #1.
I believe that you can use generic tents (especially if you intend to stay at shelters often) and get by - better yet, buy a silnylon tarp and put any kind of tent underneath. Unless your floor leaks like a sieve, you'll be fine. I use a Walrus (now REI) Bug Hut 2 when hiking in summer with my son. We put it under an Equinox 10x12 tarp and do just fine for long weekend trips. Total weight is around 4 lbs.
Cheap footwear can be fine, too. Buy what fits well and replace it when necessary.
Don't scrimp on socks. Bad socks can cause BAD blister problems due to the amount of moisture they hold or the abrasiveness of the material or weave.
I have, however, found the Omni-wool socks (a friend bought them for me at Sam's Club, I believe) to be just as good as Smartwools for half the price. Google them.
I sold my Hennessy Hammock Ultralight A-sym Backpacker hammock and use a $20.00 top loader from REI (closeout) and an ENO bug net under a variety of tarps. Cheap and easier to enter/exit, and don't require over & under quilts, just a snug bag to pull over the hammock when it's cold (I leave the netting at home after first frost).
There's nothing wrong with contacting some of the "cottage" manufacturers for seconds or returns. I just got a $240.00 tent for $100.00 because I was willing to take one with a few minor stitching flaws which was, essentially, a "practice model" and, as such, is a part of the history of the maker Lightheart Gear. Perfectly functional, and I am testing it for her (though I'm not sure I can sleep soundly going back to ground dwelling).
Some good backpacks can be had from Sierra Trading Post (as well as nearly everything else). Some of the clothing is simply colors which didn't sell, or either end of the size spectrum (in raingear, getting a size (or two) larger than you usually would often helps greatly when you need to vent in hot weather.
Sure, you can go cheap, but go carefully!