Hopefully I can help on this. I've done what you want to do, and it can work. I'm as broke as you are, my friend, I assure you!
Here's how I'd recommend you cycle the tank while saving cash: Cycle the tank fishless (don't do the rotting shrimp method you may read about, it promotes a lot of decomposition bacteria). WithOUT any rocks or gravel or live rock, buy a half-dozen of the biggest, cheapest hermit crab you can (or collect them if you live near a coast). Crabs aren't bothered by ammonia and will live much more comfortably than any fish will. OR you can skip the animals altogether and use ammonium chloride if you can find it (pure household ammonia WITHOUT sufractants will work). Either way, use a biofilter, but not a biowheel. Plan to get rid of the bio-media a little bit at a time, something you can't do with a biowheel. A hang-on-back filter filled with biomedia, marble-sized lava rock, or similar will make a nice temporary biofilter.
*Once* the tank establishes (a month or so), THEN add some sort of cheap limestone-looking, fist-head sized rocks. I live near a limestone quarry and can get enough for a 500 gallon tank for less than $20 (note that I paid $3 to fill my 55). Get enough to stack your tank full. Lace rock, reef bones, and others sold at pet shops are considerably more expensive, but cheaper than live rock.
At the SAME time, add as much live rock to the TOP of the pile as you can. Live rock placed in a cycled tank will color up and not lose as much animal life as a tank with live rock going through a dreadful cycle. Don't be afraid to take a knife and scrape some of the pink coralline algae off the live rock and let it flow around in your tank, this has been said to help spread the corraline algae faster.
It will take a while, but the fake rock will color up and look just as nice as the live rock. Once you add the first few pounds of live rock, start *slowly* removing the biomedia. Take a month to do this. Keep fish levels very low (best to keep them low always!). You are converting the dead rock into a biofilter. It will do just fine.
Hope this helps!
Matt