What is a good choice for 50F water and doesn't break the bank?
For a wicking layer you can just go to REI and buy their house brand, if they fit you. I use LS medium weight tops, either a crew neck or Zip-T. The Zip-T's more versatile in hot weather, the crew neck less likely to get caught in my neck seal and let water in. Figure ~$35-$40 for one.
As far as not breaking the bank, it kind of depends how big your bank is.
As to undergarments, whatever fleece (top and bottom) you have around will likely do for starters for recreational dives; you don't have to worry about doing deco with a flooded suit. I've used thrift store fleece vests to provide some more torso insulation when necessary, over a single layer fleece one-piece dive suit that I got for $40 because it was an off-size that happened to fit me. A buddy used his caving fleece suit at first; other people just add a layer of wool or synthetic sweaters if they've got room.
The next step beyond fleece is usually something that includes some Thinsulate or Primaloft insuation. Hollis seems to be the price leader at the moment with their AUG200, which you can get mail order for ~ $185. Prices go up from there into the $300-500 range.
You can often find used undergarments for sale, on SB, Dive Matrix, Craig's list or eBay. If you don't need a custom suit, that can work out well. Women typically need more insulation than men, and tend to want the warmest suit they can find to be comfortable locally. They'll be costly unless you get them used, or get a great deal on sale. Some of us are waiting with semi-bated breath for the next generation beyond Thinsulate and the like, aerogels. But those will be astronomically priced when they first hit the market.
Guy