I am level 40 wood elf (Tunare) and looking to upgrade my gear. Some of my current gear has been from donations from friends and guildies. I have some cash to spend, and am able to camp/quest for it also.

Any suggestions would be much appreciated.

If you are going to buy things in the Bazaar enter your class / level / and desired slot. Then search for mana or ft or effect and get what you can afford.

Things that come to mind as almost must gets are

Obulus Death Shroud For you shoulder slot
http://everquest.allakhazam.com/db/item.html?item=1059

If you see someone selling Earring of the Solstice
Kits in the bazaar I would suggest you get 2 of them for your ear slots.
So you can make
http://everquest.allakhazam.com/db/item.html?item=12456
and
http://everquest.allakhazam.com/db/item.html?item=12455

White Dragonscale Cloak
For your back slot
http://everquest.allakhazam.com/db/item.html?item=2189

I would also suggest seeing what kind of gear you can use once at levels 46 and 51 and take that into account.

Thanks for the info. I have started the Earring of Solstice quest and will look into the others.