Axe/spear/sword are all good, depends on your preference...higher attack bonuses have lower strking speed. Chain is more protective than cloth but slows down your striking speed, you can't use plate until Gabriel trains you. Starting out I get sword, cloth, shield & open helmet, and switch to
dragonscale chain, helmet & shield later.
Quality weapons from the blacksmith in Greyport are a really good idea when you can afford them, but I wouldn't make a special trip there just for them. You'll go to Greyport eventually anyway.
If you equip the cheat item Tinkerer provided, you can pretty much Saitama things. Up to you if you want to do that or play as originally intended.