No you don't need one to run the boat. A pitch controller is nice though for holding a nice stead keel at Periscope depth but not needed if you have a steady hand. All it is, is a pitch gyro of sorts.
Drill press. Go to sears and get a reasonably price model. That's what I did. A nice craftsman. It will last for years and it your clever you can use it as a sort of mill too.
Dave Welch is my good friend and makes good cylinder kits. Also try joining SubPirates. or
www.subpirates.com I created the place but no longer own it. It's run by my good friend Matt Thor who makes some of the finest kits on the market.
I'm there and there's lots of other qualified people there who will help you hand over foot. It cost 20 a year but well worth it for the information and support you get.
Steve