I would say that if you're not serious about this launch, why bother wasting time/money trying?

I'd recommend you trying out the best methods you know. This way, when you make a mistake, you will really learn something and become better at this. Doing your best will also help build report with your customers, which could in time translate into some serious $$$.

About the domain: IMHO it's better to have your own domain. It makes you look more professional and unique. Hosting your own website gives you more control over what you can do with the site.

Good luck! Let us know how it went!

Cheers,
Quincy