Shawn, the table saw comes first. Check around for a used one. Dont waste your time with one of the small models, they dont offer enough support. Get a full sized table. Gee, I even know someone selling a full sized Craftsman table for $100.
Right now Rockler has the 12-1/2" Delta planer for $199, and you get a $25 Rockler gift card with it.
You can edge joint your wood on your router table. Clamp the table down to your bench, add a 1/16" shim behind the outfeed fence and adjust your fence so it is flush with a straight cutting bit. Several passes and you will have a good edge to guide off of on your table saw. After ripping the wood you will have two edges you can glue to other boards prepped this way to get the required width.
For your wood choice visit Woodcraft. They have Lyptus on sale this month for $4.99 a board foot. Lyptus is dense like hard maple, looks like mahogany and has the color of cherry. You can view it on their website. I think this would make an excellent choice for your project. Ask them for places you can get the wood sized for you, perhaps customers or professional shops in the area? You can handle glueing the boards for width.
As far as Rocklers price on the white oak, ask them what the price is for the pieces you are considering.
"Living in the D" (this means Detroit!)
"It's fine to disagree with other members as long as you respect their opinions"