If you're planning to build a boat, the economics aren't in your favor versus buying one. It's mostly about doing something you
want to do. That being said, the first build you do probably will not meet your own personal expectations. A video I
posted the other day was spot-on.
As far as the router table goes, here's what
I've done - it requires a pair of routers to work in one pass. Here's a
post with a picture of it in use. It is not my first go around at the router table, BTW. My first one was a piece of 3/4" plywood with a hole big enough for the cutters and an L-Shaped fence with a slot in the middle for the cutters. The fence was clamped to the plywood after much fiddling. A simple table, but very difficult to set-up well without some gage blocks. You could certainly build something very much like it to cut your strips. You will not need fiberglass and epoxy supplies for a while, so it's well worth your time and money to make a good one. The stock is too much of an investment to screw up if you can avoid it.
Oh, and FYI, either the bearings or the arbor are probably shot on the saw. Depending on how it was assembled (i.e. screws? rivets?) , it might be serviceable, but it is probably cheaper to buy a new one.