it depends on the character:
sorc:
wep: oculus (put an ist in this if you really love mf)
helm: shako (ptopaz)
armor: tals armor (ptopaz)
belt: tals belt
amulet: tals ammy
ring: resist ring w/ fcr w/ str or soj
ring: nagel or resist ring w/ fcr w/ str or soj
boots: war travs
gloves: magefist or frostburns or trangs gloves
shield: rhyme/spirit/4ist monarch (not worth it imo)
switch: CTA + spirit
inventory should include your standard sorc torch and annilus
you can throw some extra charms in there if ya want
in the end you should have sufficient mf to find yourself decent drops. make sure you stick a merc in there too. and dont try letting your merc kill things, it's too slow and not worth the extra mf (insight will help)
hammerdins:
Armor: enigma
helm: shako (ptopaz) or coa w/ 2x ptopaz
belt: arach or tals
boots: war travs
gloves: chance guardes
wep: hoto
shiled: hoz (pdiamond/um/ist), eth hoz zoded hoz (i chose this over the former)
amulet: maras
ring: +str ring w/ fcr w/ res and maybe some mf or soj or nagel
ring2: +str ring w/ fcr w/ res and maybe some mf or soj or nagel
switch: cta + pally spirit
inventory shoudl contain your standard pally torch and annilus topped off w/ some nice mf scs and a bit of pally skillers
in the end you will have sufficient mf to find very good items since you have the luxury of mfing where ever you wish. you can throw in a merc w/ insight and again, forget letting your merc kill a boss or monsters for some extra mf
by the way, this is for ladder