Terraria – What armor to use for Golem with Magic Weapons

You shouldn't use it as a building material because the presence of a lot of Ebonstone causes the sky and music transition seen in the Corruption, and allows Corrupted enemies to spawn.

What you could do with it:

• Place it in your inventory's trash slot to get rid of it; use Shift-Click for maximum efficiency.
• Place it, then purify it to get more Stone, if you happen to be short on that (which will never happen because half the map is Stone).
• Store it on the assumption that it does something useful at some point in the future.
• Use it to lock a passage to players who don't have a Nightmare Pickaxe or higher yet. Then again, other materials, such as Obsidian or Hellstone, would be better suited for such purposes.
• Use it to build a Corrupted enemy grinder for infinite Rotten Chunks.

As of patch 1.1, there are also a few more "real" uses:

• You can combine it with Demonite Ore to make Demonite Bricks, which are a feasible building material.
• After unlocking hardmode, the Corruption can spread via Stone Blocks as well, so you can get an Underground Corruption going by planting a few Ebonstone Blocks, then waiting for them to spread.

Here is what I ended up doing:

• Searched for Gold to create gold armor and weapons (doubtful you'll get full gold gear)
• Killed the Eye several times for Demonite Ore
• Destroyed two Shadow Orbs for their drops (the third spawns the boss Eater of Worlds)
• Dynamite the Meteorite and Magic Mirror out of there (after enough of it is mined out, the meteor heads will stop spawning) then use a gold Pickaxe or higher to mine the Meteorite.
• Floating Islands. Craft your skyways during the day, the spawn rates are higher at night for Harpys. Remember these skyways disrupt Meteors, making them very non-profitable.
• Explore under the surface! There are plenty of hearts and chests filled with great magic items! You don't need to go too deep either. Try natural caves.

Now is also an excellent time to farm hearts and stars, and participate in the Blood Moon event for cash. I think the game gets really fun once you get over this little hump in character progressions.

I tended to make little goals like:

1. I will mine this meteor.
2. Then I will look for hearts.
3. Then I will search for floating islands.
4. Then I will destroy another shadow orb.

You get the idea.

EDIT: Sorry I can't provide links, at my desk and unable to reach the wiki.

EDIT2: See this question/answer as well for a similar problem.