I have a ton of hours in the game. Love it but haven't played in a while. I managed to craft everything (back when I played, not sure of the new stuff since I haven't really played since the beginning of the year). Made a trap area for doing the different monster waves and bosses. I'd definitely join you guys to run around in and give some tips too. When you start finding the different items you can combine a lot like the balloon + horse shoe etc
The lava walkers are almost mandatory for lowest levels.
Be careful once you hit the bottom. You can tell when the whole bottom is nothing but lava pretty much. There are these flying demons that sometimes carry a little doll. If you kill one and the doll falls into the lava it will spawn the wall of flesh, which is required to turn the world into hardmode and significantly more difficult. But it allows you to summon new bosses for more phat loots!
My Steam name is Dr. Sad Face so add me! Here is my awesome trap area I made. Also, I wired up most of my main map with teleporters so I can travel quickly to different sides of the map or down to the bottom. Took effing forever to lay all the wire out!