My setup does not have a stitch regulator (I have a Voyager 17/Hinterberg setup that cost $3,000) but does have a speed control and I ***love*** it for free motion quilting.
I would still opt for the Homesteader and use it on the homemade frame. If you later want to upgrade the frame, just be sure to get one that is sturdy enough for whatever weight the machine is. The Voyager is a heavy machine and the Hinty frame can handle the weight; a Grace frame could not.
Having enough harp space to free-motion quilt is wonderful.