The difference between the the HD Collection vs the Legacy, is you get Metal Gear Solid 1 and 4(You also get Metal Gear Solid: VR Missions, but you dont need to play that to get the story)
The HD Collection only has HD Versions of MGS2, MGS3, and peace walker. Legacy includes MGS1-4 and peace walker plus the VR Missions. (Both Copies include Metal Gear 1 and 2 which can be played as a seperate game inside MGS3) The MGS1 copy within the Legacy collection is just a download version from the PSN.
So to answer your question, I believe it would be cheaper to buy the HD Collection, then purchase a used copy of MGS4(Which is super cheap), and then purchase MGS1 from psn.
I would play these in order of release, and then when you have those finished I would rent MGS5 Ground Zeroes, I would not buy it, unless you just like collecting games as it is very short.
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