This would be how I'd play it as well, though I might spurge a little on a Stingray 5. They have some nice ones at a local GC and it'd be exactly what I'd like to start over with."Medium sized bar" doesn't really give me enough info. The places my band plays at though, all have pretty good PAs and at least decent guys at FOH (assuming worst case and we don't have our guy at this gig for some reason). So...
1) Whatever 5 string is ~$1200... would check used first, but most likely end up with an Ibanez something or other.
2) Whatever DI I could find for ~$150
3) Cheap cable, 15' or longer - though I'd try to get them to throw this in for free
After tax, that'd probably put me right at $1500.
I play heavy metal music, for reference.