I recently bought my first ship, which is a legendary BX-7 Excalibur. So far, it’s great, but I still use the default booster, engine, reactor and heatsink. I also don’t own any satellites and have positron stream as my weapon. If anybody knows how to upgrade my setup, please let me know : )
Buying satellites/weapons can be helpful, but you can change these during a mission with pickups. Your other items should be a priority. I’d start by saving for the best quality engine, reactor, and heatsink you can find - there is no significant trade-off for these, so there’s no advantage to choosing a cheaper one other than being able to afford it sooner. You’ll need to start with the reactor in order to install the other equipment, however. Your heatsink is more important for flying missions, but your engine will save you $$$ on fuel if you’re exploring the universe a lot, so which one of these you go for first is a matter of preference.
I’m not sure if there’s a consensus as to which booster is best, but personally, I very much prefer the Accumulator. I’d encourage you to at least try it at some point.
Finally, once you’ve decided on your first weapon (Positron Stream is a good choice!) make sure to upgrade it! Having any weapon fully upgraded is much more important than what weapon you choose to upgrade first, as your upgrades will preserve in-mission even if you pickup a gift for another weapon. 
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Thanks a lot for responding. So can I fully utilise the nearly unlimited bomber weight limit without being slowed down at all? Also, I didin’t even know you can upgrade weapons. Can You share some details on how this works?
You can upgrade weapons at the store. It just means you start at a higher power level at the beginning of the mission.
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