Of Course I'm still watching (especially since the boss is out today LOL).
You might be interested in this very recent thread where-in another fellow was wrestling with that very question. Some good comparison info & pricing there.
http://www.tractorbynet.com/forums/attachments/383744-trying-construct-3rd-function.html
Cost is going to vary based on how simple or complex you go & where you shop. I think he said he finished up for about $360, My set-up was probably a little over $700.
I added several "extras" the kit's don't have (Hose protector sleeve on everything for example) or things you can do simpler / cheaper (I made a relay control box, others just used off the shelf auto relays).
I used a much more expensive sub-plate due to the port layout and I also replaced the entire grip knob, this user just bolted a switch to the existing grip.
I bought hoses locally, you can have them made online cheaper just be 100% sure of your measurements before you order.
On that note - Hoses are going to be the single most expensive item in the whole project (and the fittings are the most expensive part of the hose assembly) so keep in mind that a diverter (depending on where you mount the actual valve) will use fewer / shorter hoses than a 3rd function valve.
To answer your other question, yes components are readily available and from several places so sourcing parts shouldn't be an issue.
Either way you go 3rd function or diverter I still think you can assemble your own system cheaper and get as good or better results than pre-made kits.
Like I told the fellow in that other thread - all projects require 2 things: Time & Money. The more of one you have, the less you need of the other. Pre-made kits are more costly as a "convenience fee" for you not having to spend the time to source, fit, and assemble all the parts.