Thanks for the suggestions,
I've purchased the Penguin version and must admit I like it. It is a simple enough edition to suit my purposes. If the epic turns out to be something of Miltonic or Tolkienien quality (to me) I can always purchase an expensive, more erudite and durable edition.
I ordered Elizabeth Heale's guide for $.44 on amazon. If you guys get the time you ought to check out the difference in prices on that particular work. The used books range from $.30 to $999. (No, that's not a typo.) On top of that I'd like to purchase Sven's suggestion of
Spenser's Images of Life, if I can find an affordable copy. If not, I'll try the library idea.
I think I'm going to do my university "culminating project" on The Faerie Queen, although I haven't yet narrowed down exactly what my topic will be. I'm thinking maybe something about the Aristotilean virtues "clothed in Christianity", but that is only a vague idea.
And for the most part - the first 2 canto's being my basis for such a judgment - Spenser is not *that* difficult. He doesn't make as many allusions as, say, Milton. But like Milton, he does has his own peculiar way of syntax, which makes it more difficult to unpack what he is saying until one grows familiar with it. But I can already tell - just like I could with Milton - that I like it and that the work definitely reaps great reward. I can also tell that this is a work which one can come back to again and again and gain layer upon layer of enjoyment and meaning.
Thanks for the help so far! And if anyone has any suggestions for a "culminating project" I'm all ears!