To put the amount of material in perspective, the large table waterjet in the shop that I work at recently had its annual cleaning, during which over 1.5 tons of garnet mud was removed (we do use it regularly, but we're far, far from a high-volume shop). To cut a single knife blade ours would probably use less than a pound of garnet, but then again our machine cost several hundred grand.
As for time, that is indeed pretty high, but it's comparable to what you'd expect from commercially-available 3D printers. DIYers wouldn't be discouraged there.
For me, the biggest reservation is that 4mm of steel seems quite shallow, if indeed that is the maximum depth.
(Note that I just started working at this machine shop two months ago, so I'm hardly a real expert here. :P )