With the growing community, and the lack of a concrete guide for crafting, I decided I should start a guid that will help newer and mid-level players when making crafting decisions, and who knows maybe some high level players may discover different ways of doing things that they didn't bother with before. I will be expanding this guide throughout each update as things change.
How To Craft
Really basic. Open the menu by hitting 'esc'. Look down the list for 'Crafting' and click it. You can craft things as long as you have the require materials. (You no longer go through inventory - this may or may not be changed again)

When should I craft legendary augments?
The best time to craft legendary augements is when you reach item level 600. The first few legendary augments you craft are a slow grind then become progressively easier to obtain once you start going progressing to full purple. Eliminate some of this grind by holding onto materials. (For future references, I'm going to assume that you are crafting legendary gear once you reached item level 600)

Should I buy lockboxes or craft them?
Do not buy lockboxes other than the legendary lockbox. Crafting Enhanced lockboxes can be beneficial (I'll discuss it in a bit). As a general rule, Legendary lockboxes should only be crafted while you have between 0-4 Legendary augments or when you aren't going attempting to improve specific gear.
In general, if you are thrifty and save your ion until you are level 600, buying legendary boxes is faster when starting off.

Should I craft Legendary lockboxes or Rerolls?
You might have noticed by now that Great Scrap is usually the limiting factor when crafting Rerolls (not always but frequently). It is easier to craft Lockboxes than Rerolls with the addition of Bonus Chests (since data cores drop). Focus on crafting Rerolls when improving your gear.

Should I buy materials or material bags?
Fire gems are the best single purchase. Gem Packs can be risky since they don't always give the gems you want. Material Packs are nice especially since they can give Elemental Metals. However, both the Material and Gem bags occasionally do not reward the proper amount of materials. Something to be aware of if you are pushing the value of every single ION. To know whether to buy materials to craft something or the item itself, compare the cost of your materials to the cost of the item. If you can invest a third of the price in materials, go for it and save the ION for a later purchase.

What's the best way to reach level 600?
THIS IS A COMMUNITY-BASED GAME! MAKE FRIENDS! Bouncing in and out of random higher level lobbies may not be an option with update 1.4, but nothing is stopping you from finding people at the same (or higher) level to play with! It increases the time you'll be able to survive in games which helps when looking for gear drops. Share crappy drops with people, there's no reason to horde white or green augments. Raising your party's levels can put you into lvl 600 games that much faster.

Another way is by asking others. Avoid asking directly unless you are or have been talking to the player. I give away stuff very frequently but when I see a level 1 (player level) asking "Anyone have good gear" or "Can I haz lvl 600," I drop them a Single common or Enhanced augment. Players who don't ask me for items but need them often get my support. The other day someone said in redik game (middle of the conversation, mind you) "I would kill for a 50% crit damage helm" After the round finished, I went over and threw a level 600 one his way.

I know some like to at least trade ( I appreciate even a small amount of materials in return) or obtain things on they're own, but this is largely becoming a community-based game. You don't need to play the game as a loner.

Can I increase my level through things other than drops?
With the addition of Enhanced lockboxes, it provides a low risk but worthwhile way to raise your item level. If you need to replace some low level augments, craft several of the enhanced lockboxes, use them, and replace the low level gear. Break down the stuff you dont want. Rinse and repeat, and you can slowly raise your level to whatever level your highest item has. 2 Enhanced Materials, 3 Lightning Gems, and 3 Poison Gems are not hard to come by plus you get back 1 Enhanced Material, 1 Armor/Weapon Material, and Generic Material for your trouble.

I keep running out of fire gems, so do I get enough for Great Scrap?
Answer, buy fire gems if you are extremely desperate and have the ION to spare. Drops in Survival are mostly gems, but that is random and takes some time. The time it takes to build up a worthwhile stack it takes 27 Fire gems (plus the scrap) to make 1 Great Scrap, 81 gems for 3 scraps for those not savy at math.
My favorite way is crafting Good Scrap through Weapon and Armor Materials. Simply craft numerous Enhanced Lockboxes and break down the items you receive, then use the resulting materials to produce Good Scrap. It may seem costly, but if you primarly play Harvest mode this the easier method since augment drops are frequent (depending on the difficulty of course). If you cant manage a Redikulous game, go for Insane. If you can't manage this method, level some more until you can handle it.
If that's too much, focus on obtaining Bonus Chests, occasionally they drop Scrap and Good Scrap

How do I get Legendary Materials?
Super Enhanced Materials are practically worthless, so use those. BE CAREFUL though you still need SOME Super Enhanced when crafting your legendaries, but they are much easier to obtain versus Legendary Materials. Ikke2902 suggested I add a quick conversion for the amount of materials you need to craft 1 Legendary Material -- 125 Common material (breaking down white augments) >25 Enhanched material (Green augmnts)> 5 Super Enhanced material (yellow)> 1 Legendary material

Another way is to breakdown those useless legendaries you're hanging on to "cause its purple and has a special ability". I can feel some people cringing when I mention breaking a legendary. In short, (and anyone high level player will agree with me) that levels are more important. You may love your "Lvl 500 No Reload Primary with 15% Crit Chance" but if you snag a lvl 600 primary that boasts better damage and decent stats, swap 'em. Outclassed gear has no purpose besides providing materials break 'em down. Or Trade. Or donate. Or throw it somewhere in the social hub where people can't get to (your loss though). You have limited inventory space, so sooner or later you will have make a choice.
DO NOT use Armor/Weapon Materials to make Legendary Material. 50 Materials is a steep cost considering you can invest the same amount in creating 2 Good Scrap.

Should I craft Health Packs or Shield Packs
To be honest, I never use Health or Shield Packs. You don't need them. If you really want to use them, you can obtain them in chests in Harvest mode.

What Legendary Augments or abilities should I go for
That's mostly personal preference, but after deciding what build I want - I use this checklist:

• Special Ability (No Reload, 15% Crit Chance and Such) - If this is not what I want I ignore it. Legendary Augment guid for those who don't know or remember them all
  http://steamproxy.net/sharedfiles/filedetails/?id=635933474
  
• Higher Base Stat (Defense or Damage) - For armor if its 300 or more below what I'm currently using, I avoid using it. For weapons, I avoid using it if its below 1150.
  
• Bonus Stats (Dex, Int, Str, Crt, Etc.) - I generally favor Crit chance or Crit damage on the gear I'm using but you can focus on whatever you want. Unless the Base Stat exceeds my current one by a decent amount, I'll ignore it if it has bonuses I don't want.
  
• Don't like what I got? Scrap it and try again.
  (I will later add suggested Augments Abilities that benefit each class the most. For example Assault - No Reload Primary, No Damage While Jetpacking, Dilo Boots, Etc.)
  
  I hope this is good base for people to start at. I will check back every so often to answer questions, check suggestions, and update things as long people continue to indicate interest in the topic.
  Good Luck!