I'm really pushing the number of players with 7 as it is, so with your sheet still being completed I'll have to keep you in reserve for now.
As for the items, you've got it more or less right (mundane equipment is just anything not magical, regardless of its cost- within reason. Don't go buying anything more than a couple hundred gold total, and don't select more items than you can carry, and you'll be fine. Furthermore, you also get two of the magic potions I mentioned before, beyond the mundane equipment, gold, and magic items). Magic Armor and Weapons can still be +1, though anything higher than that is usually very rare and carries more powerful abilities as well (A Holy Avenger or Efreeti Chain, for instance).
I think the Gauntlets of Infinite Blades can translate to 5e. It's pretty simple and while generally-speaking a bit more expensive than an uncommon item, might work as the more-expensive option I gave, but then that's the only magic item you'd start off with. A magic returning dagger would probably be in the same boat, though not unreasonable. Thing is, you're typically better off just keeping a bunch of daggers on-hand, depending on your overall character. Probably not even that many, unless you plan on making a throwing-knife build. You can draw a weapon as part of your action once each round, in lieu of some other minor action, as detailed in the Combat section of the PHB, so that's not as much of a concern either.