What settings would be required to capture a half decent picture of the milky way on a NEX?

Widest lens, wide open unless you get bad chromatic aberration and coma, 30 seconds, highest ISO like ISo3200 or 6400 on tripod. Long exposure noise reduction on, white balance 4200K.

Remember its a moving target so 14mm on a full frame camera is OK at 30 seconds. 50mm is not and shows star trailing.

So reduce the 30 seconds accordingly to the focal length you are using. 14mm or so on a Nex should be ok 20-30 seconds perhaps 30.

Greg.