This is an interesting, creative idea and I'm surprised more haven't done this. If you run into a barrier to something you need for transition, instead of stopping at the barrier consider if there are ways around it.
The equipment my electrologist uses cost more than $10,000 USD 4 years ago (not including supplies) and she just replaced it with the newest version which cost even more. But I don't want to scare you off - that's the cost for high-end thermo-electrolosys equipment and is more than the minimum necessary. My understanding is expensive equipment has a faster and more controllable voltage spike, with the goal of killing the follicle before the brain has time to completely register what just happened (the ouch part). As electronics are continuously improved, I imagine it's quite possible to gain similar results from lower cost hardware.
Although a student learning while doing electrolysis on you might sound a bit scary, I think that's better than some electrolysis outfits I have heard of with high employee turnover. Dentists go through a similar process - my dentist told me about learning to do dental injections on another student, and then it was their turn. Don't pick the lab partner with shaky hands...
As for the hourly rate, keep in mind not all of that money ends up in the hands of the operator even if they own the business. Taxes, liability insurance, professional licenses, supplies, communications costs, and the time required to manage an office or pay someone to take care of it adds up. The precision tweezers my electrologist uses cost $40 USD each, require ultrasonic cleaning (that's additional supplies and equipment), and need to be discarded once they are dull or bent. The electrolysis needle/probe is another consumable cost to factor.
But I still think you have an interesting idea.
Kendra