Google 'Scary Sharp', and/or look at Ron Hock's website (makes great replacement irons for planes) for information on sharpening. Machine tools are NOT required to keep a tool in tip-top condition, although they can make it an easier job in some cases, and serious regrinding is more fun with something other than your arm doing all the hard work.
Assuming your tool is in good shape (ie, the back is perfectly FLAT and polished, the bevel is accurate, and for my money, flat, with a microbevel at the end), 'sharpening' it isn't difficult. I use a combination of diamond stones (flattening), sandpaper and japanese waterstones (honing, depends what I'm in the mood for really/what's around), and a scrap of 1200 grit paper stuck to a scrap of glass on the bench for touch-ups. Because if you want a seriously sharp edge, particularly on a chisel, you need to occasionall (during use) hone the edge just a touch. Makes all the difference in the world. Total investment? Cost of a few sheets of sandpaper you may already have lying around anyway, and some scrap glass from your local glazer/window company if you want a flat bottom. You only need to really flatten the back of your blades (chisel, plane) once, and then 'merely' keep them maintained and flatten them as part of working on the edge.
Re: hollow grind, I wouldn't bother, but I don't to machine tools. What the hollow grind does is give you a thinner edge and shallower angle, both of which make the edge MORE vulnerable/prone to dulling/chipping. A microbevel does the opposite, giving you a slightly higher cutting angle and more metal behind the sharp edge - if you can't cut arm hair with it, it could be sharper. Remember - lutherie is different from regular cabinetmaking. It's even more nitpicky than most fine cabinetmaking, and shares a number of characteristics with machining (ie, what other woodworker uses calipers quite so regularly).