I'm here, eventually.
Darren, building your first engine is a state of mind. Some people start on say a loco, spend 10 or 15 years building it to perfection, then give up model engineering altogether. They started a major project, kept at it until the end, then just burnt themselves out. If they had taken time out, like Stew has done, to do a few more basic projects, then they would most probably still be making engines.
I am a firm believer at starting at the bottom, and work your way up. Doing it that way, your tooling costs remain smaller and you are not stretching yourself to the limits of your experience, you learn your techniques first, then start to climb the stairs.
I did a guide with step by step instructions, where a complete beginner could start off with the basic tooling plus a little turning and milling knowledge, and by gaining simple techniques along the way, end up with one of these, or one very similar, depending how far you want to go.

There is a member called Shred on HMEM who is doing the build at the moment.
http://www.homemodelenginemachinist.com/index.php?topic=4294.0My composite method of building cranks starts here, on the post about building this engine.
http://www.paddleducks.co.uk/smf/index.php?topic=2872.msg12371#msg12371So YES, you can build a fairly complex engine to begin with, just like the one you are contemplating.
Forget about reamers and things at the moment, you can get yourself tied in knots and spend a lot of money and get nowhere very fast.
If you can bore to good tolerances, you shouldn't need reamers at this early stage.
Although it is against your wish, the first thing I personally think you should do is the most basic of oscillators (wobbler). That should only take a couple of days at most, but seeing it running, the first engine you ever made, will really give you the buzz to go deeper into it. By taking on a complicated build as the first one puts you into a bad frame of mind if you hit problems, or it doesn't run.
Maybe try #25 from the planset first. Fairly easy to make and looks good when finished.
http://www.john-tom.com/ElmersEngines/25_26_Wobbler&Boiler.pdfThen progress onto the one you really want to do.
John