I just built a set for 22m that can comfortably play MP7 and can handle MP10 (dps is way too low to make MP10 worthwhile to play tho). So 200m is quite a reasonable budget for a CM/WW build.
The ingredients for a solid CM/WW set are:
1. Attack speed! The higher your aps (attacks per second) the more pings you get per second with Wicked Wind and the faster you can cast spells. More pings per second == more crits per second == more APoC, more dps from Shocking Aspect, and more casts of Frost Nova, Explosive Blast, and Diamond Skin because of Critical Mass triggering more. More WW pings also means more life gained from Life on Hit (LoH). That said, the effect of attack speed on WW tics per second is not linear - WW tics go up in steps at certain attack speeds (we call these attack speeds breakpoints
and the most important are 2.51aps, 2.73aps, and 3.01aps). So while hunting gear, set a target breakpoint and make sure your total attack speed will meet that breakpoint.
2. Arcane Power on Crit. This is the fuel that powers the engine. The higher your attack speed and crit chance, the less you need. At 2.51 with 53-56CC, you will need at least 20APoC. At 3.01 with 50ish CC, you could probably get by with about 17 (possibly less - I don't have much experience playing at that speed).
3. Crit Chance. You need high CC to trigger APoC, Critical Mass, and Shocking Aspect. Higher breakpoints can get by with lower CC but the more you stack the better the build works. Figure on at least 55 for 2.51bp and 47 for 3.01bp.
4. Life on Hit. Wicked Wind spams tons of hits letting this ability generate tons of health, allowing you to tank lots of damage. Again, more aps lets you get by with less LoH. Figure on around 1200 with 2.51bp to 850 for 3.01bp.
5. MITIGATION. Yep, all caps. All the LoH in the world won't help you if a little bit of burst damage wipes you out. Lag, range, and stacking elite dmg affixes will cut you to shreds if you don't have good mitigation. Figure on an average resist of 750 with a minimum armor of 4000 for MP8 and an average resist of 900 and around 5k armor for MP10. -% dmg from elite is also very powerful. (Chants set bonus, Litany, possible affix on armor).
6. Health. You want around 35-45k health for MP8-10.
There are certain legendary items that work well toward the above requirements and certain styles of CM builds that use different item "paths". For example, the Tal Rasha chest gives attack speed, making it the most popular CM/WW armor, but Zuni's chest gives great mitigation and provides amazing 2 and 3 pc set bonuses so some wizards will go for a tri-Zuni build.
The most commonly sought after legends for CM/WW are:
Head: Storm Crow with CC. It gives LoH, APoC, CC, a nice little bundle of stats, and some cool damage bonuses. Its the most popular CM/WW helm by far. The only other popular choice is an int/CC Mempo which gives CC, IAS, health, and AR. On a budget, a 5CC Storm Crow is the best option, by far.
Shoulders: Vile Ward with high int and vit. Or, for price efficiency, look for a <200int, >80vit, >150str VW instead (since the extra 150 pts of armor from strength is quite cheap compared to and extra 70 points of int on an int/vit VW). Some people use crafted shoulders but I think its very hard to craft one that outperforms even a midrange VW.
Neck: Blackthorne's is the most commonly used legendary ammy because it gives attack speed, LoH, %life, and a vit bonus when paired with BT pants. Mara's amulet is rarely used in niche builds that stack huge bonuses to Energy Twister CC. Crafted and rare ammys tend to be the most commonly used tho (easier to get high dps on a budget).
Chest: Tal Rasha gives int, vit, IAS, and, if you have the gold, solid mitigation. Look for one with any 2 of, AR, armor, -dmg from elites, and double int/vit roll. The other popular choice is Zuni's with armor and solid int/vit rolls. Zuni sets are more expensive, tho, because they generally require armor/AR Zuni boots, and an IAS or IAS/CC Zuni pox to work well.
Belt: Witching Hour. No other item comes close. Look for one with AR + vit or AR + armor.
Pants: Blackthorne's are far and away the most popular. A pair with good AR/armor provides outstanding mit, LoH, and a solid stat boost. Inna's are used for the CC and IAS, but aren't as popular because of the lack of stats and mitigation. Rares with huge stats and mit are also occasionally used.
Gloves: Tasker/Theo with CC and either CHD or AR are popular choices but tend to be pricy. Rare and crafted gloves with high IAS and CC, and as many as possible of, AR, int, vit, armor, and CHD are also very popular.
Bracers: Lacuni are the only legends that make any sense at all. You'd want a pair with AR and CC and either int/vit or armor ($$$). Crafted or rare bracers with good stats, armor, AR, and CC are generally cheaper and more effective. I recommend crafted unless you really need the IAS from the bracers.
Shoes: Several options here. Natalya's with int/vit are very popular because of the huge mitigation and the set bonus, but requires a solid Nat ring to take advantage of. Ice Climbers are also popular because of the huge int, AR, and life - especially with armor and/or vit rolls. The lack of native MS is a consideration tho - if not using Innas or Lacuni, boots are your only source of MS and MS Climbers are much more pricy. You can get by with no MS - its not super important, but it is annoying to walk everywhere at default speed. (TP-Wormhole helps, but I like to use other skills for the free slot). Zunis with AR (and armor if you can afford it) are also used in tri-zuni sets.
Rings: Natalya's is popular because of the native IAS and the set bonus with Nat boots. Look for ones with CC, CHD, AR, int/vit, or average damage (as many of the above as you can afford). Zuni's: the native CHD, int, and AR plus set bonuses make this one popular, but because IAS and CC are so important, getting one that meets the requirements for your build can be incredibly pricy. Unity (huge dps + LoH), Litany (huge mit, solid DPS, but pricy with IAS), Skull Grasp with CC and ET or EB bonus (potentially very high CC for class skills, ET being the most important, LoH, armor, and native IAS) are all also useable. Rares are also very popular.
OH: Chantodo's is the obvious choice because of the attack speed and set bonus with the equally viable Chantodo wand. If using a Mempo build, you will NEED an APoC source (which cost much much more than non-APoC Forces). Triumvirate with APoC is the only other source used by CM/WW wizards tho Triums only get used in dagger builds (rare and expensive).
MH: Chantodo's Will is the most popular for good reason. Huge base attack speed makes hitting breakpoints much easier and native APoC and int + the awesome set bonus all work to make this BiS. There are two Chantodo paths: open socket (higher DPS, but harder to hit higher breakpoints) and IAS (much easier to hit high bps but harder to get good dps with). Either path is fine, tho OS wands are harder to hit 2.73bp on a budget with. Slorak's with bonus ET CC is potentially very powerful, but requires SC and APoC Force because of the lack of native APoC. I think its better for niche builds that stack ET CC (and tend to cost a lot). Finally, black daggers with LS, IAS, OS, and CHD are potentially the highest DPS of all, but cost incredible amounts.
For a much
more in-depth explanation of the build mechanics and gear optoins - check out PieHole's guide:http://us.battle.net/d3/en/forum/topic/8728753771
Your current gear is meh - I'd plan on buying new everything, tho I'd give the chest and source low priority if you have trouble keeping on budget. with 200m and 13 slots to buy, you have about 15m per slot. Try to go under budget on most slots and save as much gold as you can for a good wand. And DO plan ahead! Just buying items without having an idea for what breakpoint you want to hit and how much total IAS you will need to hit that BP (broken down into how many IAS items you will need and which items will need to be 9IAS and which can be less) is a good way to end up bankrupting yourself on a set that almost works but not quite.