I'd start by smelting exactly two gold ore, five iron ore, and two gold ore in a furnace and crafting a TE Pulverizer with a couple stirling engines to power it. Use the pulverizer and a vanilla furnace for your ore processing until you can make a Powered Furnace, followed by an Induction Smelter. I'm a little OCD about wasting materials- I only ever use vanilla furnaces to smelt things in batches of eight, when possible.
Nether Lava is a popular choice for a power source (via Thermal/Geothermal generators for EU, or Magmatic Engines for MJ), but it's not quite infinite. Sure, there's a lot of it, but you'll need to move your pump every once in a while.
For MFR Biofuel, the Bioreactor treats all the different types of plant matter it accepts- saplings, seeds, nether wart, cactus green dye, probably sugarcane, etc.- as the same thing, but gets an efficiency boost for each different type of material thrown into it. Prior to the somewhat recent nerf in Forestry relating to saplings (I don't know if this nerf is in the version of Forestry that you're using), I believe that the Bioreactor was better than the Fermenter/Still for nearly everything but Saplings. Now, I don't know which is better.
Steam boilers are also excellent for generating Buildcraft power; while the Fusion Reactor is the end on the line IndustrialCraft-wise (if you're using Gregtech).
As for storage, as people will tell you, nothing beats Applied Energistics, once you can afford it. It's expensive, though, so don't mess with it until you've got several chests' worth of stuff built up and a reliable (preferably self-sustaining) power system.
As people have said, there's really no "best" way to do anything in Minecraft, and especially FTB. So try a few different things, and see what works for you.