4 Digit 7 Segment Counter

I want to make a counter that utilizes a 4 digit 7 segment display, a micro switch that advances the counter, and a reset button switch to reset the count to zero. A bonus would be to have button switch to retreat the count. I found Arduino in my search for how to create this counter. I think this may be the way to go as I've seen Arduino do this in the past. Where should I start? I figure I need to get some components, and start wiring them together. Then start playing with the code. I'm looking at purchasing components now and want to make sure they are going to be compatible. Any suggestions on an economical solution?

Arduino
4 of TPIC6C595 shift registers (100mA per output sink current), or TPIC6B595 (150mA).
0.1uF ceramic caps
4 of common Anode 7-segment display 1-Digit 7-Segment Through Hole Display
Common Anode!
32 current limit resistors, Value = (5V - Vf of the segments)/.02A)
5V power supply, or 12V if your displays have multiple LEDs in series per segment.
buttons

Alternately, and 5V only, MAX7219, 10K resistor, 0.1uF cap, 10uF cap, and Common Cathode Display.
Only for smaller, 5V displays. Not for large, 12V displays.

More information needed! How big do you want the displays to be? How small must the whole circuit be? How will the circuit be powered?

A 1" tall display would be great. Overall size isn't a big issue as long as the microswitch fits my desired application.

This is almost exactly what I'd like to make:

Not sure why I was trying to reinvent the wheel.

I'm not sure the best way to power the project. I could purchase a power supply if needed. I could power through the USB via a wall adapter. What ever would be best for this given application. I'd like to plug directly into the wall outlet 110v.

packeagle:
Any suggestions on an economical solution?

Ebay sells eight digit displays, with integrated MAX7219 driver chip, for ~$2.00 shipped to your door.

Leo..