Yeah, it does O.o And you can do a lot with 5 mil.. Heh. Okay here we go:
Scarab Ring --> Get rid of this, you can do much better
Scarab Ring --> As above
Greater Healing Scroll --> Keep
Illusens Earth Potion --> Get rid off, you need a better bomb
Downsize! --> Keep, this is a must have
Okay, now get the following:
Honey Potion --> A must have. About 700k :/
Sinsis Sword --> 450k, nice icon variety.
Dark Battle Duck --> Not brilliant after the downgrade, but still, it's not bad. 650k. Absolutely brilliant when paired with Sinsis Sword.
Instead of the Sinsis Sword and the Dark Battle Duck, you may want to consider the following:
Florbix Blaster --> Quite good considering the price (about 490k). However it gets totally killed by burrow.
Ramtors Spellbook --> This goes well with the Florbix Blaster in my opinion. Runs straight through burrow
About 890k :/
Halo Of Devilpuss --> 300k, cheaper than Florbix Blaster, and only does a little bit less than the Florbix Blaster.
Sinsis Sword --> Pairs quite nicely with HoD.
Either go for (less icons as you go down the list): Florbix Blaster and Ramtors spellbook (approx. 1.38 mil), Dark Battle Duck and Sinsis Sword (approx. 1.1mil) OR Halo of Devilpuss and Sinsis Sword (approx. 750k).
This leaves us with one thing. You need a freezer. A h4k would be perfect, but given your budget... =/ I'm really not sure, I do believe you should try and make some extra NP to get a h4k as soon as possible as the price tag will only keep going up. Just think about it.
Oh, one more thing, you might want to slot in a Purple Stickyhand and a Leaf Shield, or something like that. Personally, I don't find stickyhands very useful, but hey, you might.