For a first build, I wouldn't spend a lot on parts and wood. Chances are that something in your crafstmanship will cause more problems in the finished guitar than using a $10 bridge. Now, if you buy cheap hardware, your project turns out great and you realize you need better hardware, just upgrade it. This helps spread the cost around too--spending $500 over a year is a lot easier than spending it in a few weeks as you gather supplies!
This is why with each project, I tend to buy one or two new tools--either upgrading from the crap I've been using, or buying something completely new to me.
Random thoughts:
-if you have a steady hand, you don't need a drill press to drill straight holes. I do it carefully with a hand-held electric drill. I wasn't good at it at first but I can now drill 90deg holes.
-you can build a guitar without a router (I've done it) but it's such a pain, you may as well just buy one. (And get a template bit)
My current solidbody project has cost me ~$107 so far. I still need to get neck/fb wood, frets, etc., but it will probably be under $150 total. Now, I bought some dirt cheap parts from an ebay supplier. For this project, I was just itching to build and figured, what the heck, I can get better parts later if these are proven inadequate.