I bought a oto/ophthalmoscope during my 2nd year of med school -- that was the biggest waste of $350 I ever spent. I've used it maybe twice, and I've now basically stashed it away probably to be never used again. Most med students and residents I know have basically had the same experiences with the ophthalmoscopes they bought. I would recommend that the days you actually need to bring in an ophthalmoscope for your physical exam classes, borrow a friend's -- it's alot cheaper.
We don't have to buy blood pressure cuffs, though -- that's absolutely crazy! I would again recommend borrowing someone else's on the one day that you learn how to take someone's blood pressure.
All of your school administrators and preceptors for your physical exam courses of course are going to tell you that this stuff is required, but you really aren't going to be using any of the stuff. Borrow what you can on the days you need it from friends, family members, or classmates, and your preceptor will never know the difference. You can also borrow some of the stuff from people in the class ahead of you who have bought them and have no use for them.
As far as the things I have actually needed for my own in clinics so far -- I use my stethoscope, penlight, and reflex hammer. That's it. The penlights I have gotten from drug reps (but they're cheap anyway), and the reflex hammer I had to buy (which was also pretty cheap). All the other stuff I never should have bought in the first place.