Originally posted by Peter308 I am not so keen on the longer range tele's
The M 135/3.5 is quite small for such a thing; losing a half stop over some of the 2.8's helps keep the size and weight down. I found it to be the biggest lens I want to put on an M body and still fit with the philosophy of small = beautiful. It handles nicely, though, mostly because it is a prime (so it doesn't become nose-heavy like the push-pull zooms of the period) and because much of the length is a grip surface for focusing, so you can be very flexible in where you support the lens barrel. If you ever come across one in a pawnshop or something, or know somebody who has one, ask to handle it on the MX body. You'll see what I mean.
Originally posted by Peter308 perhaps I go for a full set of M 40mm f2.8, A 50mm f1.2, and M f1.7.
Overkill, IMO. If you wind up with the MX that has the M50/1.4 on it, use that for a while before you take the plunge into anything else. One thing about the MX is that the shutter speed dial is rather stiff. The M40/2.8's philosophy is one of rapid aperture changes and short throw focus for quick snapshots, a philosophy for which the most appropriate body is the ME (or its various successors); the MX is (in my experience) a more deliberate snapper. Go for the 40/2.8 only if you really feel you need a completely pocketable (i.e. coat-pocketable) casual-carry SLR... and preferably when on the move, outdoors, in good light.
That A 50/1.2 will set you back big bucks and the A contacts are wasted on the MX, though if that SFXn is still running, or you have/want a Pentax DSLR, they will come in very, very handy. My f/1.2 lens ended up being the Rikenon-P 55/1.2, which I think was made by Tomioka (some sources say Porst). The Ricoh pin is safe on manual-focus bodies anyway, and because it's actually a name-brand Rikenon it has the safe variant that doesn't get jammed in the AF screwdrive hole - I trust mine on the K-1.