"My name is Victor Stone. Before the accident, my body was made of flesh and blood. Now it's made of steel and electricity. With nothing left, it's up to me to avenge my mother and protect my father's technology from the unsavory, the unknown and the unbelievable. But to do this, I'll have to become something more than human... something inhuman..."
This is basically to the Iron Man Trilogy what Arrow is to the Dark Knight Trilogy. This Victor Stone kid is involved in an accident, and using his father's legacy and tech, he has to defend corporate baddies who misuse the tech, as well as international criminals and competitors, and a large number of other flavors of using his incredible tech that merges humanity with technology.
This also solves the expensive imagery problem. Just like Iron Man, Victor has a prosthesis to keep him alive after his accident. Use the old 70s Cyborg design for inspiration of this prosthesis.
So all this unitard stuff happens under the costume, with the possible exception of the faceplate, but even then, it could be removed to show all sorts of charred skin and missing/cybernetic/eyepatched eye. Very cool. Very dark. The chest power source is still totally in place with the New 52 costume, something which is actually affordable on a TV budget, so long as the character doesn't fly, as testified to by Dr. Who's Cybermen characters.
But obviously he'd be outside of that for the majority of the drama. That'd be, like Iron Man's suit, a big deal for big action scenes and such. Cannon for Repulsor Blast is a relatively cheap effect, not as cheap as arrows, but cheap enough. Smallville superstrength. All doable.
So, now we've got the core appeal down, the budget taken care of. The deeper appeal is about the loss of humanity. Holding hands when one of them is metal. Not knowing if you're really alive, or if a machine is just animating you (a little dark, I know). Connecting to the internet in your head, and losing yourself, just like many people do on their keyboards, but also making commentary on hacking and how much everyone is connected to their machines, really.
Every episode deals with some other gadget from STAR Labs from his dad, and how he deals with it, incorporates into his costume or how others deal with it. Basing it on real life gadgets just makes it cooler and more relevant. The goal is recovering the tech... that simple. It of course gets more complicated as more tech makes him less human, more cybernetic.
After that, it's just a matter of casting towards the melodrama that makes people like this stuff. Lots of young pretty attractive people, arguing, loving, fighting, doing their own thing and all being dramatically changed by the arrival of this Cyborg vigilante. Comparisons to similar roles in the Iron Man series in parentheses, but note they don't necessarily die as quick as in Iron Man's cinematic story, some may die quicker, some may turn evil, it's all fluid, up in the air.
- Main Character, burgeoning genius, former sports star, entering nerd world, finding his lost humanity, very confident. (Tony)
- Robotics tech genius that first conflicts with Victor, but they become allies. (Yinsen)
- Brilliant promoter, Wendy's brother, becomes the jovial foil to Victor's seriousness. (Happy)
- Estranged father, works for STAR Labs, caught up with bad guys, working with them. (Howard Stark)
- Tech assistant to Silas, potential love interest, annoying little sister type, fusion of Sarah Charles and Cyborgirl. (Rhodey)
- Good friend, teaches kids with prostheses, real heartwarming type, potential love interest. (Pepper)
- Old friend that's trouble, very charming, very dangerous (Hammer)
- Victor's deceased mother. Her voice, and protectiveness is his on-board computer. (JARVIS)
- Agent of Checkmate seems to keep tabs on Victor, can be help sometimes, but often is a hinderance. (Coulson)
- The Calculator, season 1's Big-bad. Uses STAR Labs to fuel a global empire. (Stane)
Season 1 handles the Calculator, if things progress you can bring in Techinis as the alien incursion that caused the accident, and other portals that create Beast Boy, or find Starfire and/or Raven during season 2. If you link it with Arrow, you could have Roy be their "Robin" and have a nice version of the Teen Titans, perhaps dealing with Doctor Light for Season 3. Or if you keep going forward, with maybe linking it up with Arrow and other heroes, you have a sort of mini-Justice League, or more accurately, the Outsiders, maybe dealing with Checkmate and OMAC for a season 4. And who knows, if Arrow and Cyborg are successful enough, maybe (pipe dream warning!) maybe they could be included in the new DC movie continuity! Cameos for Green Arrow and Cyborg in the big ol' film!