I tried, but I'm not very good at the sewing machine and mine is very cheap and it's hard to sew elastics fabrics. But if you are comfortable with it, it will be faster this way!
It's hard to say, but you can try to make a cost estimate by looking for some prices online on amazon...the most expensive things you should need is the compression clothes, the eva foam sheet, the contact cement and the lycra body suit. Hope it helps!