You can scrimp on almost everything. I've used cheap broken racks zip-tied together, backpacks instead of panniers, a wool blanket instead of a sleeping bag, no stove, dumpstered food, images from Google Maps saved on my camera, a tarp instead of a tent, and a bike cobbled together at the bike co-op. None of it was the "best" but it was certainly "good enough" for me to have a great tour.

I was in a similar situation as you last year and I'm glad I chose to outfit myself thriftily and save what money I had for the tour. Think about what you need to stay happy, healthy, warm, etc. and stay away from the fancy stuff.