I agree with what Slipskin mentioned.. however, I wouldn't put all of this equipment on the char at lvl 1. If you die and the server goes down or whatnot, 30 min later your body is gone along with your 1000's of pp in equipment. I am talking from experience here =/. So spend 100pp of that large sum you have and give him a set of leather and a Blood Stained Fang at level 1. That will do him just dandy until level 10-15 or so.
I would tend to gather a good set of armor like Ravenscale or Ry'gor and save for a haste item while leveling him. Buying the haste item from the start limits your armor/weapon choices.