The Wise Man
If there's one thing that anyone has hit right on the nose, it's that you shouldn't be focused on what equipment you're using so much as getting a solid crew no matter what equipment they're using. Film making is always best as a collaborative effort, and true masters of the craft know that they have to put their trust in people more skilled in several respects than they themselves are.
The basics of sound work? Simple. The nuances of it that will truly make you sound professional? FAR more advanced, seek out an expert to help you.
My advice? Instead of focusing on your rental budget, start getting in touch with different local crew members (recommend at least DP, Sound, 1st AD, and 1-2 Grip/Electrics while negotiating their kit rates for DP and Sound. Having continuity, hair/makeup and a UPM never hurts either, but on a small production you might be able to get away without them.) If you can focus solely on directorial tasks, your production will come out all the better, and a skilled DP with a T2i and a kit lens will be able to turn out footage far more advanced than a rank amateur with a RED Epic.
