You could just change the calipers out for Avid BB7 MTN versions and call it a day. (if the cables or housings are terrible you could change those too, but I have used stuff from walmart (IIRC) that Dogman got me and the BB7 still brakes better than anything else I've ever used.Good bakes are my #1 priority.
for wheels, my usual thing is to find old decent-brand bikes at thriftstores, yardsales, and freecycle/craigslist for at most a few bucks, and use the parts from those. Wheels usually stay intact, because they're normally built well enough to not need touching up, but sometimes they get used for parts to build the wheel I actually want.
