The $60 kit looks OK, but it doesn't seem to me you are saving too much by buying the package because you are probably getting some things you don't really need. To disassemble a bike for painting you mostly just need metric box wrenches and allen wrenches and screwdrivers. Inexpensive versions of the specialty tools like chain breakers and crank removers and spoke wrenches and cone wrenches can be found if you look around. You may also need things like freewheel removers for the older bikes, but the chances are your bikes will need a different one than the one or two included with the kit.

I definitely second the idea of looking for a nearby co-op. They are great for getting an idea of which tools you really need on a regular basis, and which tools you will only use once.