Yes your homemade baits can be as effective as commercially manufactured baits.
Recycling leads to green or brown, (mostly brown) as colors mix.
As for a ton of money, I bought everything needed to inject tubes. My very first tube cost me $400. As the cost has gone down over the last 6 years I'm getting close to what I can pay for them.
Figure over $100 for each mold, injectors, blending block, plastisol, dozens of colorants, several colors and sizes of glitter microwave oven or hot plate, nor por, pyrex, or pans for melting, respirator, gloves, goggles, etc, etc.
If you use over $100 worth of plastics yearly, you might come out in a decade or so.