Everything in that kit is good solid stuff. None of it the best on the market, but its not top end priced either. Picking pieces separately might save you a few buck, or possibly not.

A few ways to put together a kit cheaper would be:

Get a boar brush to start with, this is probably the number one saver when compared to this kit, a cheap boar brush can be had for as little as $5. There are entry level badger brushes like the tweezerman or crabtree and evlyn ones that are cheaper alternatives as well.

Get a vintage razor in the classifieds, this can save you a bit as well, a vintage razor is generaly less costly. Pick a popular brand though or an unknown (to us) vendor and you could see costs skyrocket.

The mug is a nice accessory to have, there is a coolness factor to those shaving mugs, but you can use any coffee cup and most bowls saving this minor expense to put into something else.

The soap isn't going to get much cheaper I'm afraid, The Col. isn't a very expensive soap and it does perform quite well for its price. There are cheaper soaps and some of them even perform Ok but we are talking like a bucks savings here.

The strop also isn't going to get much cheaper, not if you want quality leather (you do).

In conclusion there are ways to put together a cheaper kit but if you want all new equipment and don't want to wait for some unlikely sales that kit presents probably one of the best values out there.