I'm by no means best qualified to answer your questions, but I've received so much help from others I cant resist regurgitating the info that helped me get involved in this beautiful craft.
The Nova G3 is also a good choice for this size work from what I hear, and can be had for somewhere around $150. I should mention that you dont need any kind of commercial chuck to start turning bowls. My tool fund is tiny, like yours, so I thought it was worth mentioning. You will probably want one if you continue in it, but to start out you can certainly use the 3" or whatever small faceplate that probably came with your lathe. You just glue a block of scrap wood, say 1.5" thick, and same diameter as your faceplate, to the bowl blank, then screw your faceplate to the waste block. Screw the faceplate onto the spindle threads and you're set. You can turn the outside and hollow without flipping the piece over even once. However, to finish the bottom, many like to home-make a jam chuck or compression (donut) chuck to flip it around and get a nice smooth bottom. Many commercial chuck-users still use these homemade jam or donut chucks to remove the foot of the bowl where the chuck held it. Now if you made a "donut with jam" chuck, then you'd be in trouble.
DISCLAIMER: I've only made one bowl so far, but I do a lot of reading, and question asking.
Also, before you go buying a grinding jig to get a good side grind, look into the homemade ones, as suggested. If you've got a steady hand, it's also possible to do it freehand. I can do a decent job of it without wasting too much steel and I've only had my gouge a few weeks.
We light-walleted people gotta make due, ya know? One guy will tell ya $200 chuck, $100 gouge, $100 scraper, $80 jumbo jaws, $120 wolverine+varigrind jig, etc. ad nauseum. It's all good stuff, can help make things easier, and I think you'll want a lot or most of it, but I say in a pinch you can be on your way to making bowls for $25 bucks , or whatever the price of a Ben's best gouge is, and some ingenuity. Wether you spend $600 or $25, be safe.
Best of luck.
PM me if you need a link to anything I mentioned like homemade jigs or methods, etc. and I'll try to dig it up.
Brandon