I'm also a few times a year golfer. My current set are graphite shafts. It means you can get good distance without having to try to and beat the shit out of the ball. It really depends on your swing speed whether these are better for you than stiffer shafts. These are a second hand set - a lot of golf shops have second hand clubs that are still in good condition.
Mal - I think you are playing the wrong (right??) courses if you don't need a sand wedge. For the amount of time I use mine, you'd think I was playing on the beach
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If you are trying to save money you could also go for a half set (3,5,7,9 irons) rather than a full set. Especially if you are not a regular golfer you probably won't miss the extra clubs anyway (I play with a guy whose golf buggy is actually an esky for the beer, and he carries 5,9 and putter only. His golf is crap but at least his beer is always cold!)