I annihilated the ML with Nebula Armor, lots of buff potions, fishron wings, a worm scarf, celestial shell, charm of myths, ankh shield, and a 6th accesory slot; magic cuffs, all menacing, and a Mythical Razorblade Typhoon(Rainbow Crystal staff is optional).
Simply keep firing the razorblade and picking up the Mana, Health, and Damage boosters. Try and fly around the Phantasm Beams.
In order to get these items, simply go to this server:
http://terraria-servers.com/server/1218/ and look in the bottom two rows of chests in any chest room. If the items you need are missing, simply wait until the server "crashes"(aka a reset by turning off the server every 15 minutes for 20 sec). It will show as a "Lost Connection" screen. Simply log back in and the chest rooms will be reset.
Please not that server may be extremely laggy, as there are usually tons of people on. This, however, is the only way to get free items as of right now.