You are keyed on to something that is important to me (cost, and simplicity) So let's lay out what i have / will have in my rig...
12 LED PAR cans, 4 on each side, and we will go 4 across the truss. $16.99 each on Amazon. $203.88 total.
2 Gemmy Lightshow kaleidoscope projectors in blue. (These produce a rippling water effect) $7.99 each on post Christmas clearance at Home Depot.
1 Gemmy lightshow kaleidoscope projector in red. (Same as above, but in red) $7.99 on post Christmas clearance at Home Depot.
1 brand unknown, LED kaleidoscope projector. Actual kaleidoscope / moonflower effect. $7.99 on post Halloween sale at Kroger
2 @ Generic Halloween lightning "flicker strobe" lights. Either free, or $110,000.00 twenty years ago when I bought my house. They were in the attic... They work, they are simple...
For what we have NOW. $235.44
What we are adding....
On Stage Stands LS7730 lighting stands with truss $40.00
Monoprice Stage Right 16 channel DMX controller. $30.00
Total $305.44
I still need to figure out the power and XLR to the lights, but I'm getting there... I figure between that, the MIDI controller and cable, I will probably be in another $200.00 (I already have a mess of XLR cables, I just need to grab a couple of 25 footers...
Cost and simplicity are key. You've got the cost down so now it is up to you to see if you've got the simplicity down. I think bound'n'blocked was suggesting that at some point the set up time might not be worth it. It's all a matter of personal opinion. If you enjoy setting up all the lights and feel that the payoff is worth the time then by all means go for it. Personally I fall somewhere in the middle. I'm willing to spend some time to set up lights if the venue is right and I know it will add to our show but at the end of the day I'm there to play bass.