I have fully explored the first 2 areas (THWL and Undead Settlement) and beaten both of the bosses. Got the Firelink tower key and traded with the crows up there. There is a ton of stuff you can get from them, but most of the stuff is not necessary. Have found/rescued probably 5 NPCs. Got 5 dark sigils from the Pilgrim guy. Spent probably an hour helping people beat the boss of the Undead Settlement as a sunbro to end the night. There is a spectaular sword that you can get at the end of the second area that not only scales with strength and dex, but also has cold damage on it. Handles exactly like the broadsword. They definitely give you plenty of options for weapons early on.
Mets, don't bother with buying armor unless there is a particular need you have. You will find plenty of viable options if you look around the areas you go to.
Slay, after hearing you talk about messing up that Mound Builders covenant I looked it up and found my way to it. I guess if you didn't join you will be able to later.If any of you want to join that one early , just make sure you do it before you find it before you beat the boss in the Undead Settlement.