If you shop carefully for a USED press and USED dies, yes, it would be VERY cost effective. It is almost impossible to wear out the equipment unless you are loading commercially (40 hrs a week)
If you have not already been into reloading, your first buy should be a copy of "The ABCs of Reloading"- check Amazon for used copy.
You will need a press, shell holders, dies, and a priming setup, and a scale.
For REAL cheap, find a Lee handloader. Small box with everything in it except a plastic mallet used to drive cases into the dies. They typically sell for about half the cost of box of .32 Long. Much slower, but will load cartridges.