Best advice I can give you is to try and max out your loot drop chance and exp bonus (both max at 15% I think). Once you have that sorted, spider farming with the GRNDL glitch makes grinding up to 50 go quite fast, and you will get a tonne of good loot aswell, set your auto salvage to whatever level you need and you will rake in the cash also. But be aware that if you want that elite set, you will be grinding that spider long after you reach level 50. It just means you can spend more time at 50, thereby increasing your chances of getting red gear.
The pain, the torment and torture, profanity, nausea, suffering, perversion, calamity. You can't get away.