No worries from me Gt (lazy fingers

), after you've had enough reading time feel free to send me a message and we'll go from there. Where in Melb are you located? Im actually building a second Lefroy mini yacht at the moment, currently waiting to get some more fibreglass stuff but hopefully I'll be back into it soon.
I only use an arc welder to build my yachts and Im guessing 15A will be fine as its pretty thin steel (~2.5mm) we're using. As for cost a set of Fallshaw wheels (good quality, strong and I guarentee they're better than most imported wheels) sets me back $45 per wheel (rim, tube, tyre), and $4 for sloppy bearings (worked well so far) or $10-15 for precision bearings. Another option is to use 20mm bearings and a bush for the rim to suit (Paul aka Landyacht swears by these). I dont use them as Im lazy and just use 1" shaft for the headstem and axles, as thats what I've salvaged from the local seconds yard (along with some seamless tube that sleeves this perfect

). I brought full lengths of steel in the sizes required for the mini and I think it worked out at $15 per yacht, this doesn't include the 60mm gal signpost/fencepost tube which is easy to find (I like the local salvage yard

).
As for the seat you can spend as little or much as you like, I think mine ran at about $20 for ply, $50 (guessing) for fibreglass. Add $20 for bolts, welding rods, bandaids and other bits, and thats the bottom half of the mini yacht nearly done.
The mast and sail are the biggest challenges for me personally, you may have better luck being in Melb. There is a thread here on sail making....somewhere, cant find it for the moment. But you need a sailboard or windsurfer rig (6 or more m2 ??) and a few extra blocks.
In other words cost is very much up to the scavenging ability of the builder