It's a good discussion to be having.
The OP has a couple of fundamental fails built in to his question – the first being the “on the cheap” part – when it comes to
mast climbing, it's about as dumb as possible to consider anything other than
safety; the cost of decent ropes and fittings are absolutely negligible in this respect. I've had a couple of instances of UV damaged hoisting 3strand ropes just breaking midlift recently – maybe 2 year old ropes. Poly braid
rope, on the other hand, seems to be quite resilient. I wouldnt trust a manilla
rope.
My best bit of
training for this sort of thing was an abseiling course I did a few years ago – mountaineering
gear and techniques are a very good basis for this sort of thing –
safety is at the
core of this area of practice, and it translates pretty well to sailing. Looking at a number of posts including the OP I didnt see much evidence of any of this – no mention of double figure eight knots, proper harnesses, ascenders, obviously proper rope choices, etc, etc.
If you are going to use halyards, do you know if the pulleys, fastenings and attachment points etc, are rated and what the loading limits on them are? My main halyard dropped the sail on me awhile ago – shackle just loosened itself and came undone – my first thought at the time was “glad I wasnt using it to hoist meself up the mast at the time”