You can get molds for half of that cost.  The expensive part is if you want to buy plastic once you run out of left over plasic.  It's around $40 a gallon, which I've been told sounds like a lot, but once you get going you will need a lot more than that.  Check out these sites for molds, plastics and injectors.  It's pretty simple really.  Just melt te plastic in a microwave, suck up into the injector and squeeze into mold.  It is very temperature specfic though and creating colors is the hard part. 

http://www.jacobsbaits.com/

http://www.bearsbaits.com/-Mol…..s_c_7.html

http://www.basstackle.com/Mach…..ds_s/1.htm