I started off with the
Sorby Multi tip hollowing tool. I found it easy to use and the flat section of the bar allowed controlled cutting edge placement (you always know the orientation of the cutter). It can also be used as a shear scraper so if you need to justify another purchase you can
It also comes in bent arm form but I've never used that one.
These days I mainly use a Munro hollower and a selection of other tools that I've made, which are mostly based on the Sorby system and use a screw attached cutter that I can quickly change. These tools are all based on round section bar (mainly 1/2" and 3/4")
The advantage of round section is that you can approach the surface with the cutter angled down, away from the surface and gently roll it up to begin the cut.
Price wise these can't be beaten as £10 bought me enough steel to make 2 tools. I usually cut both ends flat and drill and tap holes to take hex bolts that will hold down the Sorby bit holder at one end and the Munro cutter at the other. The end that takes the Munro cutter can also take small extensions that I've made which allow a curved neck to be formed.
I mount these bars in my Munro handle but I also have 3/4" tool mounted in a long wooden handle.
For cutting tips I use a combination of masonry nails, cut up planer blades, the Sorby tungsten tips and HSS scraper tips.
Given the cost I'd say go the home-made route and perhaps buy just the Sorby cutting tip and tool holder if you need them. You should start of with small projects so shouldn't need anything wider that 1/2" bar.
Hope that helps
Duncan