Here's what I purchased to practice for my bench tests:
California Air Tools 5510SE (affordable, quiet compressor)
Prodydent NSK Style PANA MAX High Speed Large Torque Push Button Oral Kit (cheap $20 handpiece, I bought 3 since I had one break on me)
860 Series Dentoform : SM-PVR-860
For the burs, I purchased #330, #245, #847-016C, #856-012C, #856-016C, #556, #56. Buy plenty. I also picked up a few Azdent FG-102 crown bur kits.
For the typodont, make sure to buy replacement teeth as well. As for the hand instruments, you should be fine with basic instruments, perio probe, hatchet. I went cheap with pretty much everything since I don't expect to keep any of it long term. I would also suggest a mounting pole for the typodont (I bought one off ebay). There's a few more things here and there but that's the bulk.