Not exactly the most effective, but I like...
Ettin (with budget equipment):
Weapon: Wraith sword
Shield: Lucky coin (3 hands, hee hee)
Armor: Hydra skin
Helmet1: Horror helm (or gore helm if I'm feeling evil
)
Helmet2: Horror helm (ditto)
Boots: Quickness boots
Misc1: Antimagic Amulet
Costs 20 death, 10 (+20 for GoR) nature, 10 water and 5 astral to equip (less with hammer, of course). If I got the gems to spare I'd probably get him starshine skullcaps or spirit helms.