That's a solid setup you've got going there! Given your list, it looks like you're off to a grat start. Since budget is a concern, let’s talk about how to maximize the value of your current gear and what might be worth adding or upgrading.
Audio Interface: You have both the Focusrite Scarlett 2i2 and the RME Babyface Pro listed; these are fantastic choices. The Focusrite is more budget-friendly and very reliable for home studios. However, if you're looking to invest in something that can provide exceptional audio quality with lower latency and better drivers, the RME Babyface Pro is top-notch. Given your limited budget, think about whether the high-end features of the RME will benefit your current needs or if the Scarlett meets them adequately.
Microphones: You have a excellent range here from dynamic to high-end condenser microphones. The Shure SM58 is excellent for recording vocals and live performances due to its durability and sound quality. The AT2020 is a great entry-level condenser mic and versatile for various recording situations. Now, the Neumann U87 is a significant investment but absolutely worth it if you're looking for professional-grade recordings; its sound quality is unparalleled for vocals and instruments alike. If most of your work doesn't require this level of audio fidelity though, perhaps hold off on such an expensive mic until your needs grow into it.
Monitors: Both KRK Rokit RP5 G4 and Yamaha HS8 are reputable monitors. The Yamahas are particularly known for their flat response which is great for mixing accuracy – imperative if mixing is a large part of what you do.
Headphones: It’s great that you have both closed-back (ATH-M50x) and open-back (HD 650) headphones as they serve different purposes effectively—closed-back for recording (to prevent bleed) and open-back for mixing (for a more natural sound reproduction).
Software: With Ableton Live Suite and Pro Tools Ultimate, you're pretty much covered across all bases whether it's music production or more refined audio editing tasks.
Given this rundown, I would say focus on possibly upgrading your interface if needed since it’s central to everything else working smoothly - especially if latency becomes an issue with more complex sessions in Pro Tools Ultimate.
Also, consider acoustic treatment items which could make even greater improvements than some hardware upgrades: bass traps, acoustic panels etc., to ensure that what you hear when recording or mixing is true to what’s being produced without room interference.
Lastly, always keep an eye on used gear deals! High-quality used equipment can save considerable amounts of money without compromising significantly on performance.
Keep up with exploring various configurations within your setup; knowing how to wield your tools skillfully often transcends having fancier gear at hand!
Good luck with your music production journey!