Conferences and events are not THAT expensive. Travelling to them is not THAT expensive - you ever heard of a bus/coach? Also, why on Earth are you talking about "big cats in the industry"? I never mentioned going up to record executives, well known producers, etc etc. I'm talking about the average musician. Sure, you can talk to the "big boys" if they are there.
If they are, that means they may be open to hearing what you have to say. So why not try? But that's not the aim.
Business cards are cheap. If you can't save a little pocket change to dedicate to business cards then you will never get anywhere. Sure, you may not see business cards as something to save for...
Out of all the artists I meet, or business people generally, if they hand me a business card... You can GUARANTEE I remember them when they contact me a day or a week later. It stamps a lasting impression at the end of the conversation because it's quite rare for the average musician to give out a business card.
Also, though I agree you should have a good enough product to pitch to these guys, it's not what you're actually doing. This whole thread is about networking. When you network, you should be laying the foundation of a relationship/friendship where you can say "This is something I put together a month ago, think I'm developing well. Do you see any potential?" at some point down the line. The people you meet aren't going to open doors - but they sure as Hell will tell you if you can - when the opportunity arises.
The idea of any relationship is that you exchange equally. If you meet an artist, you're probably going to both say "OH, I MAKE MUSIC TOO!!!! We should listen to each others stuff some time!"...
Furthermore, just to reiterate the point about saving. If you're spending $1000 a quarter buying equipment, perhaps you should learn to budget. Instead of $1000 being spent on just equipment, how about $400 of the $1000 being spent on business related tools, assets, etc? If you want to get in to the music business, you better start thinking about it AS A BUSINESS.
Additional point: Landing yourself some gigs will be useful. Not necessary, but useful. You'll be able to build your fan base through them as well as networking with people in the industry.
Cheers,
Jordan