Suggestions for best setup would be ideal, going to be on single tanks mainly HP steels, florida waters, carrying 4-5 SMBs/liftbag, flashlight stringer, shears, reel for shooting SMB. occasionally carrying a pony or 30 or 40 cu ft nitrox tank.
Three comments: 1. One decision point on a BP is the material - stainless steel (SS), aluminum (AL), or kydex / some similar material. In part your choice will depend on where you usually dive (warm salt water, I presume from your post), what your usual exposure suit is, what your standard cylinder is (steels, according to your post) and your inherent buoyancy. In the end, the material doesn't make that much difference. When I dive the Caribbean, with a 1 mm suit and an AL 80, I use a SS BP, and still need added weight. So, for me SS is the way to go (the only time I use an AL plate is with steel doubles, diving wet). But, you know your inherent buoyancy better than the people responding here. I personally prefer a SS plate because it takes weight of my waist. Your preferences may differ. 2. I don't find a lot of difference between a small donut vs a small horseshoe wing. I happen to prefer my Halcyon donut wing, but I can make either work. So, while you may receive strong input one way or the other, the choice may not be critical. Probably, a more important consideration is getting a (small) wing intended for single cylinder use, with 18 - 30 lb lift. With a steel cylinder you may want a wing than tends toward the larger end of the scale. 3. I will stay out of the brand discussion. I dive a variety of gear brands (Dive Rite, Halcyon, OMS, DSS, Oxycheq, Zeagle, etc) and have trouble distinguishing between them in performance. Go where you get responsive customer service at a fair price, or where you get the absolutely cheapest price if service is not an issue. As an aiside, I have dealt with DGX both online and in person, and have always had a good experience.
KnCDIVE:
suggestions for the most financially feasible entry level equipment would be best. Not looking to spend thousands of dollars but not cheapskating it from the getgo. checked out diverite open to other suggestions before i pull the trigger.
One additional approach to 'financially feasible' is to buy used. Years ago, I started out with a used (eBay) OMS SS BP and harness ($70), a used (eBay) Dive Rite Wing ($115), and a used (eBay) STA ($30). My first BP/W set up cost me all of $215. I still have, and dive, all three components. Since then, I have added a number of BPs and wings to the inventory, and purchased a few of them new (albeit at staff prices through my LDS). After my first purchase, I have made all of my own harnesses from webbing and hardware purchased from my LDS. I prefer that approach for cost, but I suspect that not everyone will necessarily endorse it.
KnCDIVE:
Any of you guys using them recommend any particular pouches to add to them besides weight pouches? I plan on picking up a glue-on thigh pouch for my wetsuit when i get a new one to hold my light/shears etc but need to be able to hold my liftbag, SMBs and reel.
There is another currently active SB thread (http://www.scubaboard.com/forums/basic-scuba-discussions/455829-bp-w-no-pockets.html)
which also addresses this issue. You may want to check it as well. There may be better, or at least equally efficient, ways to carry a light, and shears, and SMBs, and reels, with a BP/W than putting them in a pocket. I really like pockets for some things (small back-up cutting tool, small spools, Wet Notes, etc) but mainly for things I don't need to frequently use, or which are not too bulky.
If you are serious about adding pockets, do not just glue a pocket on to your wetsuit. Have it sewn and glued. You will be happier in the long run. 
