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Ah, that's unfortunate. If true, the Neethan Axe is a must buy if you have a 2H bashing character (it's always been my first purchase of the game...I don't buy anything until I have the 20G to get it).
Other than that, I don't recall any "must buy" items...you can safely save it for Chapter 2. At that point though, I wouldn't hesitate to start spending. Don't waste it all on potions and such, but you shouldn't have any trouble if you just buy every meaningful piece of armor or weaponry that appears to be an uprgrade.
EDIT: Note that I haven't replayed Chapter 1 since the patch. If the items have been changed as it sounds like they have, there may be another piece of equipment I'm also unaware of that is good in one of the towns. I suspect not though...they probably just took away that armor set because they felt it was OP (or just boring) to give you an armor set so early that one of your characters will very likely wear for the entire rest of the game.
Better to spend those AP on healing and cure poison spells anyway.