I used a mix or practicals and DIY Halogens on a DV feature I was working on.
I wish I had a light kit to paint the scenes better and some better soft fills.
Here's what I had available:
3-Chinese Lanterns w/Photo Bulbs
3-Halogen Work Lights w/Dimmers and Coathanger Mod (For diffusion)
1-Open Faced 500W Worklight
3-Cheap-O used stands from BH Photo
The halogen lights, the light oozes into everything. Its a pain in the arse to get the light to fall in any particular way. (Used Cinefoil to manipulate)
Professional, well... Polished, some of the frames look great and others, well...
If time is your friend, then give it a shot, it has the potential to look great. Eventually, you'll want the precision of a rented or bought lighting kit.