Sharnie- The fabric you linked to isn't velvet, as far as I can tell, it's just cotton fabric (Like what a quilt or a button-down shirt would be made with). I know that JoAnn's and Hancock's stock velvet on their websites, but it's like $25/yd, which is hefty, but the fabric is BEAUTIFUL. If you want to go cheap and still get a really good appearance, you can get velour. Actually, my Snow White bodice is made with fabric that I salvaged from a velour dress I found at Goodwill. It looks really nice and you really can't tell it's not "real" velvet. I have a ton of it left and would be more than willing to send it to you for free!
As for boning, it's really not difficult. I was scared of it when I made my Briar Rose corset, but really it wasn't hard at all. (Also, I made it when I was a n00b sewer, and it turned out pretty well!) I use Nessa's method of using cable-ties (you can find them in the hardware section at Walmart)- they're super-cheap and work great! I haven't used steel boning so I don't know anything about them. If you're nervous about it, I suggest just using the cable-ties.
Also, the pattern you're using will tell you how and where to put in the boning. That pattern requires you to sew in boning channels (which is still easy!). I did something similar for my Thumbelina corset. I used 1/4" double-fold bias tape that I pressed the center fold out of, pinned, and stitched to the lining. It looked something like
. So, essentially, what you'll have are strips of fabric sewn to your lining material to create "casings" for the strips of boning. However, the boning channels on your bodice won't be quite this regular.
And, again, you're not bothering anyone! We're happy to help! And nobody ever learns from not trying- there's no reason you can't do this!
Also, I'm happy to be such an inspiration to you! ♥