If you already got 120 silver, just build the armor, max it out, then craft whatever you want. If you don't have a decent shield (lvl 3 iron banded shield) go with the shield first. If you have decent lvl 3 iron weaponry, weapons should come last. Armor is more important since it will protect you from the cold.

Once you done all that, the Draugr Fang is recommended for Moder.

The rest is up to you.