Grant,
Can Holosync be recreated with a good light/sound machine?
Nope. The really cheap ones aren't programmable. The Proteus is the cheapest programmable unit at $200. Mind Machines use something called 'pulsed chords'. If you own a mind machine, listen in one ear, then listen in the other..... the sound is the same. I'm not sure if you can honestly call these 'binaural beats', because there is no phantom beat created inside the skull. Regardless, the effect is same. The Proteus comes with a session editor called ProtEd. Thing is, you can only play one of these pulsed chords at one time. Holo-sync presets often employ a binaural beat formation know as 'septone' or another similar grouping of many beats at once. I know the average number of simultaneous beats for a Hemi-sync preset is around 5. ..so, no luck with Proteus or any of the other budget models, which can only handle one.
Though, what you could do is program the bwgen with the simultaneous holo-sync binaural beat pattern. Then use bwgen's audiostrobe feature for visual entrainment at one frequency. That would bypass the sound limitations of the mind machine. (but you'd have to know holo-syncs trade secrets
)
Do you know how I can get the trauma releasing benefits from light/sound without paying ... for all levels of Holosync?
This is a first-class question. I absolutely know how you can. You'll have to either pay the 40 US bucks or find a crack (astalavista.com) for the bwgen. There are two presets that are right up your alley.
One is 'Trauma Release' by Zamolxe which is nice and simple. He's got filtered pink noise (with high and low frequencies taken out in order to lessen 'the edge'.) And a simple 1.5hz binaural beat at 100hz. Very simple, very effective.
The other is 'Personal Growth Meditation' by Wim Kijne. This more directly mirrors holo-sync. One binaural beat takes you down from waking to deep delta, and another remains at deep delta. Granted, it doesn't use the fancy formations and ingenius tricks--but hey...it's free!
You could further pipe this through an audiostrobe mind machine like the Orion or Proteus and add in Light entrainment--a one-up on the holo-sync.
The best thing in the world though, is that you can spend 10 seconds changing both the carrier frequency and the delta beat (as you adjust to lower and lower frequ/beats) INSTEAD of using an entirely different CD. (The ultra-simple directions for this are in the preset--no trouble whatsoever.)
I don't know how much holo-sync costs, but I'm guessing it's not cheap. I'm not saying holo-sync is a scam or anything--because the results are all too tangible. It's just that all the CDs are is pink noise and sine waves!!! If they used a computer program to create the sounds, they could probably sell their system for.. 3 dollars! 
Thanks in advance for all and any information.
No problem. Only to happy to. 