This thread is meant to be a 'guide; for people looking to make the cheapest 49 Balance twink possible. Preferably gear from instances, quests, et cetera.
Below I have compiled a list of viable items. Spell damage, stamina and intellect on the gear is greatly needed, of course. However, a lot of spell damage is needed, otherwise you won't be doing very good DPS.
Head
Gemburst Circlet (Sunken Temple, Quest Reward)- You'll need to do the quest [url=http://www.wowhead.com/?item=10751"The God Hakkar"[/url] to attain this item, along with some others. Optionally have a friend who's finished it.
Bad Mojo Mask (Zul'Farrak)- Very good spell damage and intellect on this. If you want, you can get a +100 health enchant on it.
Chest
Flamestrider Robes (Blackrock Depths)- I'm choosing this mostly for the spell damage. Unforunately spirit doesn't help all that much in PvP, but this is still a good item if you want to get some cheap enchants on it.
Jinxed Hoodoo Skin (Zul'Farrak)- I'm choosing this mostly for the intellect and stamina, which are vital stats for your druid.
Leggings
Wildfeather Leggings (Leatherworking)- In my opinion, the best of the best for Balance druids in this bracket.
Brusslehide Leggings (Maraudon)- These are pretty good statwise, but offer no spell damage.
Windscale Sarong (Sunken Temple)- To get these you need to be able to summon Avatar of Hakkar, which requires completion of "The God Hakkar" quest. These are very good as a compensation for Wildfeather Leggings.
Shoulders
Ironfeather Shoulders (Crafted)- Very good intellect on these. The downsides are no stamina, and no spell damage unless you have the breastplate, which requires level 53.
Kentic Amice (Blackrock Depths)
- This offers moderate spell damage and intellect, but low stamina.
Neck
Gemshard Heart (Maraudon)- Pretty good stamina and intellect, but unfortunately no spell damage.
Cape
Featherskin Cape (Sunken Temple)- Another one from the Avatar of Hakkar. He drops way too many good things.
Caretaker's Cape (Warsong Gulch)- Something possibly useful until you can get one of the other two.
Spritecaster Cape (Blackrock Depths)- This is pretty good. It has some stamina, intellect, and spell damage.
Gloves
Ogreseer Fists (Blackrock Depths)- These have some well-rounded stats.
Bloodfire Talons (Sunken Temple)- Some good gloves with good spell damage. Drops from four bosses, but only has a 5% drop rate. I'd suggest Ogreseer Fists over these because they have better stats overall.
Boots
Vinerot Sandals (Maraudon)- Some very good boots, I'd settle for these even though they're cloth.
Belt
Satyrmane Sash (Maraudon)- Arguable over Chloromesh Girdle.
Highlander's Lizardhide Belt (Arathi Basin)- Good because of the spell crit rating, along with the stamina and intellect. The high armor is good too.
Chloromesh Girdle (Maraudon)- Very good spell damage on this piece.
Wrists
Dryad's Wrist Bindings (Warsong Gulch)- Definitely the only bracers I would keep because of the statistics. Can't argue with them.
Staff
Lorekeeper's Staff (Warsong Gulch)- Make due with this until you can get Kindling Stave or Spire of Hakkar.
Kindling Stave (Blackrock Depths)
Spire of Hakkar (Sunken Temple)- Another great item from Hakkar.
Rings
Lorekeeper's Ring (Warsong Gulch)- I would equip this in both slots unless you have something better.
Trinkets
Insignia of the Alliance (PvP)- Always good to have in PvP.
Insignia of the Horde (PvP)- Always good to have in PvP.
Philosopher's Stone (Alchemist)- Good if you're an alchemist. This gives +5 to all base stats.
Rune of Perfection (Warsong Gulch)- Stamina and spell penetration? I think so.
Last, but not least...
You'll need a friend or two to run you through all those instances. Have fun PvPing!