Since you're out for "bang for your buck", I'd actually suggest getting your wedges first. Because of my iron selection when I was at your level, I went with the TM 54 degree wedge and the TM 64, along with the Cleveland 60. They are still in my bag. I won't replace them until I can get to the level 70's Clevelands. If you can afford it, the R11 irons are a good purchase and will help you all the way through the master levels. From there, the G20 irons will be a good purchase for you.
Don't waste your money on a hybrid club, as you can usually get similar distance with your 3 iron. Plan on bagging 3 wedges instead. They will cover a larger range of distance on approach shots. As much as you probably hate it, if you don't want to put in your own money, start spending an hour or more each day filling out surveys. The credits will come ... it will just take time.
As for a driver at your level, the Callaway and the TM R1 are both good clubs. They will get you to the Level 48 R1. Try to avoid the Master level until you can afford the R1 driver, as you'll find the jump from Tour Pro to Master to be difficult with the lower level drivers.
You can also sell your equipment back to WGT ... just expect to get the same % you get from Roger Dunn or Golfsmith when trading in equipment. I would prefer being able to gift used equipment, which is what I do with my clubs in real life. That option isn't available here.
Best of luck to you! Keep it in the short grass!
Kat