LM3 is only $300 from online retailers, don't buy it directly from Spectrapure.
The amount of Ca/KH you can deliver with a limewater dispensers, aka Nilsen reactor, is limited by the evaporation rate of your tank. You can't just buy a bigger Nilsen reactor. If you're stocking lots of stony corals you're going to hit that wall, maybe even sooner than you think. OTOH, with a Knop reactor you can just keep cranking it up or buy a bigger one. So if you can only have one, a Knop reactor is the one. You can always setup a cheap gravity dripper for limewater if you have problems with low PH.
The minimum you need to run a Knop reactor is the reactor, a CO2 tank, CO2 regulator/valve, a bubble counter or some other way to know how much CO2 is going in, and some plumbing to split your return (or a separate pump.) You don't really need a pH controller.
manderx: you're the only person I found that didn't ilke the Deltec Nilsen. I've been using a trashcan filled with limewater and after switching to a Deltec KM500 my alkalinity shot up. It delivers saturated limewater, no question.