I have tried epilating before and I do not recommend it. I have a very high pain tolerance and it's the worst pain I've ever felt, plus you have to maintain it daily because if you ever let it regrow then you're right back to square one as far as the pain level goes.
If you have light skin and dark hair I would recommend laser hair removal and then electrolysis to get the few hairs that laser will inevitably miss. I was able to get laser hair removal done for $1100 Canadian at a local clinic, but they did give me a 50% discount so I dunno your mileage may vary on that estimate.
I think regardless of your skin and hair type I would look into laser. It's relatively painless, cheap, and with new technologies they might be able to even help you if you have blonde hair or dark skin.