The problem with a DIY controller is complexity and quality. A Ranco is a bit more than a thermostat. YOu need to build hysterisis into a controller. This is very important in a dual stage. Reliability is also a huge factor. RANCOS are made with quality components and a very sound design. $150 is pretty cheap for what you are getting. To DIY something like that you will have $50 in finished parts and $50 or more in protoype parts.
The project will end up in a junky project box and will not have any digital functions (other than display) and no memery.
If you are really serious about such a project you could use 2 analog thermostats with remote bulbs covered in epoxy. The stats could be wired to heavy duty ice cube relays or contactors.
The stats are going to cost you $25 or more each, and the relays about $10 each. A tube of suitable epoxy is about $5. Misc parts maybe anothe $10. Thats about $75 for a rube goldberg analog dual stage controller. With a little injinuity you could wire the relays so that only the chiller or heater could run, but not both. This would serve as failsafe if the setpoints on the analog stats ever wandered.
I would buy the ranco, and sleep much better.
Then again you could go all out and use a PIC or ATMEL and write some rather basic code to do all of this... but your not going to get a micro and learn to use it for a $50 bill.