The full Molten Armor set offers the highest defense and melee damage bonuses.
The Molten Pickaxe is fastest pre-hardmode pick for mining and breaking blocks.
For ranged use Minishark or Phoenix Blaster with Meteor Armor for steady DPS.
Magic users should aim for Jungle Armor or Shadow Armor combined with Water Bolt.
Use Hermes Boots and Obsidian Shield for mobility and knockback protection.
Solid accessories include Cloud in a Bottle, Band of Regeneration, and Amethyst or Diamond Ring.