You know the cheapest 2 already, it's blasting grit and PFS. I picked up PFS at Walmart for about $6 for 50lbs. Tractor supply is the goto for the Black Diamond and its roughly $9 for 50lbs. Personally i feel the BDBS is better as i like the looks of the black substrate and it makes everything around it pop.
One suggestion i have for you though. I'd get the 75g over the 55 all day long as its 6" deeper front do back which makes a world of difference when scaping the tank. It shouldn't change your budget all that much between that and a 55 other than maybe lighting.