Business wants to get equipment, has $25K budget

$25K including costume, makeup, studio... they want me to find out what to get for gear, the goal is to do pin-up/boudoir...

Lighting is going to be key, but not saying that gear should take a backseat... but in addition, camera gear should be important. So should I come up with a list of $5,000?

Initially I was thinking a 50D or 7D... I'd love to get a 5D Mark II, but that's nearly $2,500 alone. Lighting would be AlienBee's, and maybe a Beauty Dish. Gear, Depends on body, but at least a 2.8 and telephoto. Primes perhaps?

This can add up VERY quickly. Any help is encouraged.

Canon XS with kit lens, two desk lamps, pocket the rest.

This is a nearly impossible question to answer since you are not specifying a lot of important things.
Are you renting a studio? Does that $25k include rent, insurance, utilites etc or is it just startup cost and you are free to spend it entirely? Are you building this studio as part of a home and does that include building costs. As far as props hit up goodwills, salvation army stores, or any discount retail outlet (kohls, homegoods, tjmaxx etc).

For pinup I would not own any less than 5 lights and have another as a backup. Are you only shooting in the studio or are you doing location shoots that will help determine how powerful the lights are. I hope these questions stir a little bit up and help with your decision making process.

Much more info is helpful, but here are some basics:

Camera-
5DmkII for excellent bokeh and DOF and used by Playboy.
70-200/2.8
24-70/2.8

Lighting-
4 AB Einsteins
2 AB 400 for Hair/highlight
AB ABR800 Ringlight
Mola Beauty Dish
1 7' Photoflex Octabox
AB Stripbox
Grids
Cyber Commander Synch

Misc-
Computer or TV for tethered shooting
Furniture Props-modern Sofa, antique chair, large mirror, bedroom set
Background and curtain system
Various fabrics, curtains, rugs, sheets

-Scott