You're right, it doesn't get any simpler nor more affordable than the Woodhopper. I bought the plans when Popular Mechanics showed them on the cover, though I never built one. From what I understand, most that have been built were modified considerably, beefing up the spars, different coverings, engine, etc, though if it was built as designed, it flew as expected, 25 mph cruise, landing at 15 mph. Simple, minimalist aircraft that could be easily built in your garage.
Chotia, who designed the Woodhopper, as well the Weedhopper that he was known for, also designed the Gypsy, a more substantial ultralight that can also be easily built that may be worth looking at.
Having built a wood aircraft and metal aircraft, if it were me, I would spend my time and your budget finding a used Quicksilver MX that has a proven design, and fly, fly, and fly that aircraft and find out what you really want to get out aviation. The maintenance and tinkering on the Quick will quickly introduce yourself to what you may like and dislike about your future choice. Plus you will learn that the term of listening to the wires is not just some old BS story barnstormers tell, and you'll be thankful of those skills later.
Contact Scott below for plans and more info on the Woodhopper, great guy.
http://www.vula.org/blueprint_pricelist.html