I have to agree with other posters here, the most cost effective thing for small nations to do is to invest in training, logistics and AA.
As this is OP is predicated on small, less wealthy nations and their need for cost effectiveness, the need for aircraft of rugged construction should be re-emphasized. You will probably not have many airfields with concrete runways. Those that you do have will be priority targets for the enemy, hence the need to move your aircraft out to other fields, which will almost certainly be grass fields. When looking at what aircraft to buy, this also needs to be taken into consideration. How well do proposed aircraft operate from rough, muddy or snowy fields, especially since you may not have all the field maintenance equipment you want?.
Who are you fighting? If its a peer, or even a large power that is first rate, but not in the absolute top tier, then obviously you have more of a chance of some success. OTOH, if your coming up against the US, the UK, the SU (that the Finns did as well as they did against the SU is nothing short of amazing IMO) or Germany, then you are, as Bender of Futurama would say, "Boned". Ergo, why invest in aircraft that are so much more expensive (and based on what is being posted this means mostly US types) when you can buy more of something else that will work almost as well against your probable enemies? The one large positive about the more expensive US equipment, is that it is standardized to a degree not found in any other military. Switching parts out via cannibalization or replacement is going to be faster and easier, meaning your aircraft is back in the air sooner.
I'll throw out a couple aircraft not mentioned so far, to get your thoughts. Firstly, the Miles M.20, which seems to fit the bill nicely for a small nation needing an inexpensive fighter. What about the Tucker XP-57? Can the engine problems be fixed, or would another engine be more suitable? The IAR-80?
Lastly, what of the Soviet aircraft? How expensive were they compared to peers? They certainly meet the criteria of heavily armed, rugged and able to operate almost anywhere, yet I seldom see them in these threads. Wouldn't some of them have been worthwhile to obtain?