Without being derogatory you are going to make mistakes and break tools, just part of the learning curve. So start off cheap so you can afford mistakes, really pi$$'s you off when you snap a £12 tool right into the work because you have got the wrong tool offset [ don't ask !! ]

Do a Google for Toolstation, bit like Screwfix but good bit is it's post free over £10, they do some Silverline router cutters, the 1/8"ones are £1.00 each and they last quite well and lets face it a pound a cutter is a consumable.

I cut a fair bit of Tufnol sheet and it's very abrasive, I have been using Trend cutters off Ebay and to be honest these £1.00 cutters are lasting the same amount of time.

The Silverline cutters have a good range of sizes but still retail the 1/4" shank.

Need a decent picture of the tailstock and centre hight to help here but it could be your first job.

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Two bits of MDF for the uprights, counterbored to take two nuts thwacked in, base, upright spacer and a sharpened length of all thread for the spindle.
Alter recipe to suit ingredients.

Tee slot table isn't a start up job, take a bit of work, my Techno - Isel router has a teel slot table from new but i keep a piece of 18mm MDF bolted to it and secure everything to this with panel pins.

Advantages are you always have a 'slot' to secure to <g>, disposable, and no worries when you set your cutter 1mm deeper to clear thru a component.
My nephew has a Kitchen and bathroom business and he cuts all his offcuts of MDF up to fit my bed on his CNC saw every so often when he has a sort out but even without a connection like that it's easy to get offcuts to do the same job.