Hi Chiro
I do folders fairly often without any serious milling equipment. I will say that I absolutely would not try it wihtout a drill press, but everything else is probably a matter of time and a sense of humor.
For the locks, I use a dremel with a fine cut off wheel. Its not that difficult, I'm sure you could cut them with a jewelers saw (although on framelocks this might take forever)
Get yourself some precision ground O1 for the blade. Your best bet for starting out would probably be a liner lock, I would use .040" 410 SS for liners. You can get it for $12 a square foot and it cuts fairly easily and has a good enough memory for the locking tab. The liner lock is a little more complex cause you have to attach scales on top, but its mainly a matter of drilling a few more holes, and tapping a few more holes. The payoff is that the liners are a lot easier to cut out and the material is a lot cheaper, so you don't have as much to lose the first few times you try cutting and fitting a lock.
I would really miss my 4X36 belt and 6" disc sander as I use it for flattening everything. You can do the same thing by hand though lapping on a peice of wet dry paper on a peice of precision ground steel, or glass or something like that. The disc sander is a very easy way to sqaure up edges as well since you can adjust the work table on it, but once again you can do this with a file if your really careful.
I think you should definitely try it. Read some tutorials before hand so you have an idea what order you want to work in and be prepared for it to be very time consuming.