160 per side is WAY WAY to much!! I have a 96 Accord EX, and your setup sounds similar to mine. That is the rotors are mounted on the inside of the hub. That tool is pretty interesting, I'm not sure how you are suppose to get the hubs BACK on though, as that is a press fit.
Here's a breakdown of prices. I had 200 into mine. I tried to hammer my hubs apart and trashed the bearings. I think that bearings were about $40 a piece. $120 in machine work (40 bucks to turn and 80 for the press maybe? can't remember exactly). I also had all new lugs pressed in so that added to the price. Got it back together and the thing shook my teeth out, I think that they were machined incorrectly.
What are you having done to the rotors, having them turned? A second option would be to find a place that machines brakes on the car. The machinist paid for me to take my car there, and I think that it was like $100 buck for both of them.
To get the brakes off otherwise, you have to remove that nut which is the axle nut (that thing is torqued to something like 150 ft lbs). Then you have to pull your lower upper and lower ball joints, tie rod, and calipers off. Once on the bench you can try and pop the two halves apart by yourself. Once that is done you should be able to take the rotor off after you remove the two #3 Phillips screws.