I set up a 36x24x24 a few months back but did not exactly go the budget route.
This was my 3rd tank being setup and from making every mistake I decided to get exactly what I wanted and hold off until I could.
It will hold true for any tank, while you may want to set things up now and get rolling you will often find yourself upgrading down the line and spending even more money.
For the equipment put together a full list of everything, don't forget the little things like ATO, dosing, test kits, plumbing parts, etc. Once you have a list look at the total and make compromises or save.
If you are looking to keep things budget keep heat in mind, run with out a chiller and spend the $ from the chiller on something like a CA reactor, doser, or controller. I would go with T5 over MH if shimmer is not that important due to heat and the ability to tune the color.
Livestock wise, wait until some one has a nice 10-20 frag pack up for sale, I ended up getting nice frags locally in a pack @ $8 each with some freebies thrown in (no caps or digi's !!). included things like prostrata, lorpies, tenuis, subulata, valida, parilis, and some ORA like hawkins and some other stuff i am not sure what it is but looks nice.
Another way is to spread out the cost, setup the tank with lights, skimmer, heater, and rodi then let it cycle for 6 months while you get ready to buy the rest of the items you may need. This way when you start adding SPS you will have a stable solid semi mature tank.
Here is a link to my build if you are looking for a few ideas, Ive added a bubble magus doser and tunze ato as of the last update however.
http://www.reefcentral.com/forums/showthread.php?t=1893432