It's been a while since my first wheel, but I feel like I was able to find a built bicycle wheel with a shimano generator hub for between $100 and $150 both times I needed one. Of course if you have specific rim requirements, you may have to pay for a custom wheel. I was able to find pre-built with acceptable wheels.

For lights, I found some moderately priced Spanninga (German or Dutch company?) lights that were adequate for keeping the bike legally lit on my commute. Each light was between 30 and 40 dollars. They were strictly "be seen" lights. When I hit the greenway, away from the city lights, my headlights were largely useless, but I would keep a battery light to supplement them, and between the two of them, I could navigate dark areas reasonably well.

Then I upgraded the lights to a Luxos U. The U is extra pricey because of the built in USB charging, but that's why I bought it. The light itself is excellent. I no longer use my back up, battery light in any situation.

The next "upgrade" was my hub. I don't know that it was really an upgrade in quality because I have no complaints with Shimano, but it had another feature I was interested in: 15mm through axle. My Shutter Precision hub was near $200 (but is much cheaper with a standard axle) and seems to work very well. When building the wheel, the hub felt much more "notchy" and stiff than I remember the Shimano being, but on the bike, I can feel no difference. It's rather smaller than my Shimano hub, and, I think, is supposed to be more efficient.

I know Schmidt is the gold-standard of dynamo hubs. I've never tried one, but I have no issue with the hubs I tried. Both my Shimano hubs and my Shutter Precision hub are still in service.

My cheaper lights, however, became problematic. Rear light stopped working. Front light isn't in service, either, but that's my fault. I don't regret buying them, but if you're asking whether to splurge on the lights or the hub, I would say that I notice difference between better lights more than I notice different hubs. I have no qualms about using Shimano or Shutter Precision hubs, but good lights are worth the money.