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how would you equip a dark elf master for around 100-125 points

There's very little reason to take Masters in a Dark Elf army, especially one so cheap.

If you really want one... you could try halberd, Armour of Darkness and Dawnstone. Makes for a decent BSB build if you're not allowed to make the Cauldron your BSB.

its only 4 750 - 1000 points

Heavy armour, Sea Dragon Cloak, PoK and a GW/Halberd or a minor magic weapon
What other units are you fielding?

To be honest its almost impossible to answer your question without knowing more.

Is the master going into a specific unit?
Does he need to fulfil a role in the force?
At 1000 or less points do you have other characters?

At 1000 points I do not see to many people taking a BSB.

On foot in a CC unit I like:
Master, Shield, SDC, Whip of Agony, Blood Armour, Dragonhelm (136)
In a crossbow unit:
Master, HA, SDC, GW, Lifetaker, Dragonhelm, Seed of Rebirth (144)
Alone:
Master, Dark Steed, HA, SDC, Shield, Pendant of Khaeleth, Dragonhelm, Biting Blade (152)

I'd go with:
Hv Armor, Cloak, dragon helm, great weapon, reverse ward, cold one.
1+ armor, 2+ ward vs fire, reverse ward, and 3 S6 attacks. You cause fear.

You don't get a look out roll, but with the reverse ward, you're not likely to need it.

(This is usually what I take for my BSB).

-Matt

personalyl if your going cheap, the beast scourge is quite the nice non magic weapon, with armor piercing and extra attack stil lets you use a shield for the armor save bonus.