I realize it's not a 50's or 60's set, but the 1948 Bowman set of 48 cards is one of the most historically important sets in baseball card history. Yes, because it has a number of stars and rookie cards, some of the cards are priced in the hundreds of $$$. However, the 1948 Bowman is one of the most fun black-and-white sets to complete, and overall, even the star cards are priced at a relatively reasonable level (---you can get nice looking, low grade versions of the Musial rookie, Berra rookie, and Spahn rookie for under $500 each).
If I were in your shoes, I'd tackle the 1948 Bowman.
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