1. Feed your pet, it can't battle on an empty stomach.
2. For 110k the most cost-effective thing you can do is train to the 35 boost in both Strength and defense. That will cost you about 83,000 with current dubloon prices, and it will increase the damage you deal and defend by 20% on ALL of your weapons.
3. But since nobody who asks for my advice ever listens to me about training, here's what I have to say about your set:
The biggest flaw is that you only have 7 items, there's no reason for that, get a
Downsize! or start using
Snow Mudballs or get a another 6+ icon offensive multiuse weapon for icon diversity, just do something to take full advantage of all 8 slots.
At your current stats,
Blue Scorchstone's overhealing is probably still just a mite better than
Greater Healing Scroll's additional healing, but it's pretty close at your HP.
I hate to say it, but
Snowglobe Staff's increased chance of freezing makes it a much better Freezer than
Green Frost Cannon, of course you should be saving towards a Black or Rainbow Frost Cannon and eventually a 100% freezer.
Leaf Shield is solid, but you might also consider the alternatives
Shiny Shoal Shell Shield,
Patched Magic Hat and
Sophies Magic Hat (provided the price continues to fall)
Scarab Ring is crazy-go-nuts good, in fact you could do a lot worse than adding a 2nd one to fill out your 8th slot
The
Purple Sticky Hand isn't bad, but it's not really competitive either. I don't recommend using it in 2player unless you are facing someone from whom you might steal vastly superior weapons. You should keep it, but my advice is tuck it away in your SDB except when fighting those people or the 1p challengers with useful stealable weapons.
As for your main offensive weapons, both
Enchanted Wooden Bow and
Tyrannian Lupe Tooth are very solid value weapons and they stack icons to give you a chance of overruning shields. Unfortunately both lose in match ups against the
Scarab Ring, so your current set can be beat by someone wielding Dual Scarab rings. That's going to be a bit of a problem, and you should consider getting a
Jade Staff,
Tooth of Terrask or even the much-maligned
Rusty Lamppost as a counter for scarab rings.
Alternately you could upgrade the Enchanted Wooden Bow to a 9-iconer such as
Ice Club,
Stone Club or
Psellias Fighting Fan for within your budget. Of course, all of those only draw when matched up against a scarab ring, so you'll probably still want one of the countermeasures I mentioned above even if you do that.