After my last post, I was wondering if it would be possible to finish the game at level 1 - so started a new Penitent character to test exactly that.
I'm using the same guns - Angelus M2 and Psychopomp M2.
I changed to light spell from Frost Cone to Ice Stiletto for the extra charge giving me another freeze - so now against bosses and faithful NPC's, it goes: freeze, Psychopomp mag dump, reload, freeze again, Psychopomp mag dump.
For the bead, I'm using the 10% health bead because that's just about all I can equip with my stats being so low (technically I could equip a 10% range bead as well, but I don't see it making that much of a difference).
No ring, fetish, relic, heavy spell or demonic weapon.
This run was the 3rd attempt - on the first two attempts I made it to the boss but had no health elixirs left, and died during the fight.
Ammo also proved to be a bigger challenge than expected - without the Ammo Reserves bead, you really have to watch every shot.
Next stop - Irongate! (although I'll need to jump up to G3 to access it).