It depends on what you are trying to get out of the cycle. I would recommend pmag over hdrol. For me personally, pmag has better size gains, better strength gains, and far less sides. It is also an easy recovery if you have a good PCT lined up.
As far as cost effectiveness vs. running a test cycle...that depends on how much you pay for your test, AI, SERMS, supporting supps, etc. If you look around enough, I think either can be relatively cheap. Running a good pmag cycle is not that expensive though and isn't too harsh so I don't think there is much to be wary about.
Overall though, it just depends what you want out of your cycle to decide whether to run an oral ph/ds or a test cycle.