Moving back to the topic...
@zeric, I am surprised no one mentioned about going solar or going for coins with POS... You can check out "
CrazyDanes" Solar mining
thread for more information. I believe a pretty decent Solar farm can be set up with around $30K-$40K budget. As long as you don't have to pay up for energy, you will always be in the ''Green'. Also, I will recommend you to look into ZenCash's Secure Nodes and superNodes. Could be a much better alternative than mining.
Initially I was planning on a 50/50 GPU/ASIC split, but as the marked looks a full ASIC focus seems the obvious choice to me.
I dunno how you reached to this conclusion, But Getting GPUs is a far better choice than going the ASIC route. There are multiple factors here, Like E.g Warranty. Most ASICs cover around only 180 days of warranty, Plus their resale value is shit. Just look at VoskCoin's recent review about Mining in general, the dude got an L3 miner for around 1600 bucks and a year later it's selling on eBay for around only 150. He only made his money back via Selling it 3x the price due to Bitmain not pumping out enough miners. While a rig of GTX 1080 Tis is still holding up its value. So when you say its an obvious choice I don't what factors you are taking into account.
Well, Solar Power is one way but it isn't "cheap yet" the ROI for Solar is still about 5-10 years depending on the tax credit in your country and the electricity rate you are paying.
As for going ASIC or GPU, I would say GPU is a better way too. But new model of GPU is coming out and I am guessing it would increase the difficulty for all the ALT coin and thus making it unprofitable. To me, both ASIC and GPU is bad idea now.
In the end, with that much of money, I really suggest buying BTC or some ALT coin (Read those whitepaper please) and find few promising coin to invest.
Good luck!!