Lifesteal chant wand is sort of a niche item. Chants are used primarily for WW builds where the attack speed is very important, but it only rolls one random property and most players would prefer either ias or an open socket over LS because WW builds get their health back via LoH instead.
Chants are NOT as popular with archon builds because the majority of the damage on them is elemental and will not get the elemental damage boost from Triumvirite, Tal's Amulet, and Zuni boots (all archon wizard favorites).
My advice would be to decide which build you would rather play - CM/WW or Archon. Your gear is currently better suited to archon, but with that budget, a decent CM set wouldn't be hard to put together. CM wizards are generally more powerful and better suited to handle higher MP and are very popular in parties, but they are also much more expensive to upgrade past a certain point, they require either hand-crippling button mashing (seriously, you will not believe how stiff your hand can get after 15-20 minutes of frantically cycling 3 keys as fast as you can) or using a macro, and they don't tend to play as quickly as a good archon build. Archons are easy to play, very fast at low MP, cheaper and easier to build, but don't do as well past low MP and are badly gimped in parties due to the need to last-hit every mob in order to keep the archon going.
If you want to stick with archon, then pawn that wand. The .25 aps and dps are good enough to fetch a decent price, even if it is a niche item. Then get a black sword, dagger, or wand with lifesteal and an open socket and perhaps a bit of int (ias and chd are great, but would zap your budget).
Then get some zuni boots - preferably with all res. After that, work on finding a better source of move speed than those cunis. Either a Tyrael's Might with sockets or armor (try to get as big a bonus as possible for dmg to demons and elites) or Inna's pants with AR or armor, and pick up a rare bracer with 6CC and good AR/stats. The MH ring is next highest priority to upgrade. Get a good bit of CC and chd (or ias) + armor or all res and int. You want more CC for better damage and more chances to proc CM for refreshing archon timer. Once those are taken care of, an int/str vile ward and AR witching hour are probably the next biggest upgrades. And, if going inna's pants over tyrael's might for move speed, consider either a zuni chest (survival) or a tal rasha chest (dps). Assuming you get a decent weapon, you should be over 150k dps, buffed and ready to churn and burn MP1.
edit: If you are using Storm Armor over Energy Armor, use the Scramble rune instead of Shocking Aspect.
If you are more interested in CM build, then prepare to sell pretty much everything you are wearing, including OH and wand! Check out PieHole's CM guide for info on how to build, gear for, and play SNS (there is a link to it in the stickied build compendium thread).
Edited by ATGOWTWT#1159 on 1/28/2013 2:04 AM PST