Here's what it comes down to:
1) Mallet, chisel, saw, bit/brace-less than $275- I'll be working mostly alone and not full time, summer in the Adirondacks is too short to get it done.
2) Handheld electric drill, bit, chisel clean up. About $400, will be difficult at the start to get accurate mortises by eye.
How will you be able to bit / brace a straight clean mortise and not do the same with an electric drill?
You can pick up this drill:
Add a 1 1/2" bit for mostising, and a 1" and 3/4" for peg holes ... and you are off. It is how I, and many others I know got their start. Guide? You don't really need it. Use the mirror trick, or make a visual guide out of a pair of speed squares (or use a single speed square...) Practice makes perfect - it doesn't take long to get proficient...
And if you choose - the Makita is a great tool, I really enjoyed using mine (sold it off for decent $$ after several years of use).
