If you are not fixated on building a kit and need as good a "logic probe" as you can get as a beginner.
...you should pick up one of the super cheap FPGA based logic analyzers on ebay. (look for "24 MHz logic analyzer") I have seen them go for as little as $7. That is by far the best bang for your buck because you'll get 8 channels of logic capture you can grab and then scroll back through using software like sigrok. (which will also often decode it for you)
The logic analyzer may even come with a cable and bunch of minigrabbers, or you should remember to pick up some compatible plugs and ribbon cable (or "dupont cables" with the male or female user friendly interconnects..) to make your own.
Actually, the audio aspect of a logic probe can be useful in tracing wires.. very useful. But the proble I have that gets the most use in that area was meant for pulling cables like Ethernet cables through walls.. its a cable tracer.
I also own a probe much like the one you picture and never use it, I use my logic analyzer. The probe and the logic analyzer both cost around the same but the logic analyzer is far more useful, the probe not as much -
If I want to see if a pin is high or low I will often just use an LED. The audio would probably be useful if I thought to use it more.
Check out the LAs.. Start at
http://sigrok.org for the free open source software and a list of compatible LAs.