I was like you on live and on returning to Homecoming. I would sell my drops and make enhancements to sell and make a little cash. Then I read a guide on how to use your merits to make influence.
Short answer do every TF and SBB that shows up on the LFG channel. This allows you to group and earn influence while leveling. Use the merits to buy enhancement converters from the various merit vendors. Sell them at the consignment for 1 influence. Stop selling if they ever sell for less than 60k.
That should get you enough influence for common IO's. If you do the SBBs you can use some of those converts to get the KB/KD proc for phantasm and selling. Get the normal procs in health and stamina (panacea and Performance shifter).
Local_man made a guide on the OG forums. He is "Area Man" here though.
https://web.archive.org/web/20120905042613/http://boards.cityofheroes.com/showthread.php?t=141225
It also has common IO slotting (which hasn't changed since ED) as well as a pre homecoming IO build.
These forums are bit bias toward Ill/ice, Ill/dark, Ill/Time, and Ill/TA since ILL/RAD has been a thing since launch, while HC stats still show ILL/Rad as still leading the secondaries for illusion.