The $50 setups are almost universally a rip off in one capacity or another. The small pressurized setups make you buy specific refills for them, and will very soon end up cost as much or more than a $150 dollar setup. On the other hand, the yeast powered ones can be made at home for $5 in spare parts. If you're not wanting to do pressurized CO2, you can look into making a DIY CO2 setup with two 2L reactors. More information on making them can be found online.
As far as cheap lighting, 29g tanks are horribly awkward to light because they are only 30", and most fixtures are either 24" or 36". As far as budget friendly T5HO, it's hard to go wrong odyssea lights for their sheer budget friendliness. They put out decent light, but less than any equivalent fixture on the market (with the possible exception of Fishneedit fixtures).