The best way to go in my humble opinion is a 3S build with motors around 8-10 grams and 5-6000kV. Light 3" props and a 12A AIO.
Motors: The best motors should be 1304 and 1404 5-6000kV. The DYS 1404 6000kV I have tried perform really well and offer good build quality for a low price. I can't say too much about durability yet but they seem robust enough especially for such a light build. Other motor options I would consider are the GEPRC 1206 the Rcingpower1207
Update: [15.07.19]: Flywoo released new 1404 motors The kV will be too low for 3S but apparently the GEPRC handles 4S just fine. I will test them soon. iFlight has also moved with their 1404 Xing Comes in 7000kV for 2-3S!
FC&ESC: The GEPRC 12A F4 or the identical board from BetaFPV combined with my 14mm Pod is just by far the nicest and cleanest option. Remove the connectors for the motors and direct solder them. Another Option is the new iFlight 12A AIO.
FPV Camera: You can fit a regular 19mm micro cam and my 19mm Pod but weight is super important for this build so I highly recommend you get one of the new 14mm format cams. The RunCam Nano 2 is the best out there and also super cheap
FPV + HD Camera if you want to build the frame with an HD capable camera the best this frame supports currently is the Caddx Turtle V2. It will fit with the adapter and 20x20 pod you can find in the thing files. The new Caddx Tarsier 4K also looks super promising. I should hopefully receive mine soon and be able to upload a pod that fits it.
VTX: The best choice is a TBS Nano 32 because of the 400mW. But you can also get the the knock-off by HGLRC for a third of the price. 50mW not bad either.
RX: I use a [Crossfire Nano RX] with an [XF-Race] antenna. Combined with the 400mW TBS Nano 32 VTX this gives me an incredible range for such a tiny light quad. If you don't want to spend that much money get a FrSky XM for a few bucks! (Only if you use a FrSky radio of course)
Props: The Gemfan 3035 are my favourite so far (Absolutely no jello!).
Battery: A 450-650mah 3S works best with this setup in my opinion