I've been experimenting with a lot of lite sorc variants for the last few months (unlimited budget) - here is a version of a ladder-viable build with optimised gear:
Disclaimer: This is a theoretical setup and I am not telling anybody to spend tens of thousands of FG to buy these items.
Helm: Griffon’s eye + 5/5 Lightning Facet
Amulet: 2 Sorceress Skills / 30 Strength / 60 Life / 90 Mana / 20 All Resistances / 20 Energy
Weapon: +3 Lightning skills / +3 Lightning / +3 Lightning Mastery / +3 Energy Shield / 20 FCR / 80 Mana / 2 Socket Orb + 2x 5/5 Lightning Facet (I find Energy Shield useful in some very niche situations - alternatively you can use +3 Teleport or +3 Thunderstorm - at 99 you will have enough skill points either way)
Armor: 4 Socket / 100 Life Archon Plate + 4x 5/5 Lightning Facet
Shield: Spirit Monarch
Gloves: Upped Magefist
Belt: Arachnid Mesh
Boots: 30 FRW / 10 FHR / 60 Mana / 40 Fire Resist / +5% Max Mana / 10% Mana Regen
Ring: Stone of Jordan
Ring: Stone Of Jordan
Weapon Switch: Call to Arms Crystal Sword
Shield Switch: Spirit Monarch
Inventory:
Annihilus
Hellfire Torch
9x 45 Life Lightning Grand Charm
10x 5 All Resistances / 20 Life Small Charm
Merc Helm: Ethereal Andariel’s Visage + 40 ED / 15 IAS Jewel
Merc Armor: Ethereal Bugged Treachery Sacred Armor
Merc weapon: Ethereal Infinity Giant Thresher
On non-ladder servers, you have access to some other interesting options - 08 tri-res boots which can roll over 45+ fire/lite, Wizardspike Gloves / Armor on West, Bugged Mana SC's on East etc. There's also Hybrids like Spirit of Phoenix but these generally don't increase the PvM efficiency of your build.