You do not say if you want to shoot color or b+w. If color, strobe lights are probably the best idea, you can do an amazing amount with one strobe, a diffusor (soft box or umbrella) and plenty of white card to use as reflectors. If shooting LF, you can never have too much strobe power - 1500 joules is not excessive, below 500 I feel is not enough.
The cheapest lighting is the halogen lighting intended for use on construction sites. these lights generally have small reflectors but come with stands. The color temperature may not be all that accurate (doesn't matter for b+w) and used directly the lights produce harsh effects. Fire a couple of them through a cotton sheet, though, and you have a really great, large and cheap softbox. These lights generate a lot of heat, which can make small studios uncomfortable and can set diffusors on fire if these are placed too close to the lights.
In the era in which I learned studio photography, studios were equipped chiefly with focusing spotlights rated at 500 W or 1, 2 or even 5 kW. As the name suggests, these focused all the way from a narrow spot to a broad totally even flood and had slots on the front for diffusers, gels, barn doors, snoots and other attachments. Due to the in-built ventilation, these diffusers etc. did not burn up. I don't see these spotlights around any more, I fear most of them have been scrapped, which is a pity, because they were the most versatile and useful lighting tool I ever used.