If money was no object then who wants to carry two devices right?
So you are willing go to without cellular data and will rely on hotspots for Internet access - OK.
Dumb phone's month-to-month usage can be super cheap if u don't make that many voice calls anyways so you are left by the initial outlay$ of an iPod.
A subsidized iPhone is like a printer, cheap, but every change of cartridge is gonna hurt. A subsidized phone is good for people who use lots of cellular data anyways, but doesn't sound like you need it that much, so if you go this route you will be paying average $70/month and do you get the usage out of it you must ask yourself.
There is a third route: Buy an unsubsidized i5 but the initial outlay$ is steep $650+ but you are left with the freedom to choose what cell plan you need, from no cellular data, PayAsYouGo $10 cents per voice calls, or Straight Talks has a 50 mbyte/month plan $30 bux.
There is a 4th route: Buy an unsubsidized 4s, perfectly capable, about usd$400, refurb. I love refurb electronics because they are cheaper, practically new, and all kinks is been cleaned already.
You do the math.