I don’t think there are any real barriers to creating the font in the Home Edition. Advanced features like Complete Composites and Optical Metrics are of no use for this font.
The one important feature missing from the Home Edition is the Advanced Contour Operations. This is almost indispensable for welding contours together, which is much more time-consuming to do with the Home Edition. No doubt you can find workarounds if you have plenty of free time.
See this thread on creating Æ and æ ligatures to see how to combine a + e in the Pro and Home Editions.
The main consideration is what you want to do with the font. It will be a lot of work to create a working font, so if you want to be able to sell it or use it for Commercial work, you will need the Standard or Professional version of the software.
Perhaps the best route is to purchase the Home Edition to start with, then upgrade when you have a working font that you wish to use Commercially.