I agree that more divers would do it if they knew how simple most regulators are. I spent far less than $350 on tools. Assuming one has a set of allen wrenches, sockets, and other standard tools, all the DIYer really needs is:
1. IP gauge
2. Torque wrench
3. o-ring picks, good ones
4. a few specialized spanners or brand-specific tools, like the scubapro multi tool
I don't have an ultrasonic cleaner, an inline cracking pressure adjustment tool, or a magnehelic gauge. I just use vinegar, a few small brushes, and some patience to get things really clean, and it takes me a little more time to tune 2nd stages, and I have to trust my judgement when it comes to setting cracking pressure. If I were 'on the clock' I'd definitely want the convenience of those tools, but I'm generally in no rush.