That sailrite is nice but you can find a good used industrial sewing machine for much cheaper. One good cheap option is the old singer model 201 that can be picked up for around $150. Not industrial but stout enough to sew two layers of 1" webbing and a strip of supertape (making your own aiders), often used for light duty sail construction as well.
Lots of sailing and mountaineering gear made on this Sailrite. Basic design still cranking after many years.
Sailrite LSZ always at the ready.
If you are going to seriously get into homemade gear shoot me a pm and I can give you a list of the vendors we have found that give good prices on small quantities of silnylon, rip stop, Goretex, canvas, fasteners etc.