I had the same questions a little while ago and I agree with the others. If you can save some money and wait a little for something better than the Grizzly, I'd go that route. I ended up piecing everything together over nearly a year and built mine; motor off the big auction site, KMG chassis (frame) for a great deal that someone was selling, and finally a VFD. It took me a while, but it was sure worth it.
I haven't built one, but I think you only need some really basic tools for the no weld grinder (wrenches, etc) and something to drill holes in he metal. That being said I know of guys who used that plan then took it to a friend who had a welder and welded it together. I hear the more rigid (less vibration) you can get it, the better. Good luck and have fun.
Jeremy