Check out my post entitled "thinking about building a gun"... I just ordered my plans from Paul so I can't speak for wheter your smithy would be adequate but I can tell you that Paul told me on the phone your looking at about 600 hours of work = another fellow told me around 500 hours and another guy 630 so your in the 500-650 hour range depending on skill, equipment, etc.
Can't speak for the material kit - I didn't go that route because I didn't want the up front expenditure of $$
Also - some good advice was to keep a journal and technical log
Best of luck to you