Forget it, for 5-6-7$ a month, don't bother.

Is it worth the effort when subs are so cheap?

I want to subscribe or purchase a signal for an IPTV stream personally vs going to a store/business and buying it from them. How hard is it to get it going myself?

Why, though? Most suppliers will be charging around £300-500 a month for their channels because they sell to providers. A good provider can supply you with that plus more channels for less than £10 a month.

I want to know what is involved and what is needed, like turning a PC into a media server, installing a different OS, etc.

Xtream Panel or TVHeadEnd as a start.