The weight depend the work you do and the part you clamp on.
Less you have vibration better it is and the weight of the vise help to reduce it.
Of course you can make diy but for the good work you must have a good tools and if you make yourself you lost a lot of time sometime to not arrive at a good result.
The list of tools, yes I can do it but is depend what you want to do, your budget and if you want to have easy.
If you don't sure, buy Classic with foot pedal and if you sure to want to engrave buy directly PAlmcontrol it is easier to learn with it.
for the different template point you can take the universal, the detailling and combo flat and knive. If you want to make goldinlay take the Roland Baptiste template maybe for little details the Phil Coggan template.
For sharpe the TW hone is better, you can do it with diamond stone but it very long time to do it
you can calculate the price and order all here.
http://airgraver.com/Hand_Engraving_Tools_Overview.htm