By "the complete binding set" do you mean something like this?
http://www.bluescreekguitars.com/shop/i ... cts_id=260
One of those setups certainly makes the job a lot easier. But for hundreds of years, people cut binding channels with a gramil (see photo; sold by LMI).
Having more time than money, I've done a couple of instruments using a gramil, and it's not as tedious as I expected. It does take a couple of hours or more to do a single channel, but I find the job meditative and relaxing.
I use a trim router with a center pivot to cut the rosette channels.
Are you going to bend your own sides, order them pre-bent, or pay somebody (e.g. John) to bend them for you? I suggest either of the latter two options, so you don't need to buy a side bending machine. (P.S. I see you plan to get a kit, so the sides should be pre-bent.)
P.P.S. I think you're right about buying vs. making. I made my own radius dishes, and by the time I was done, 70 bucks apiece looked like the bargain of the century. There is also the question, do you want to spend your time building guitars, or building tools to build guitars?