So, I ended up going with the Droid, and not the Eris. Thanks to everyone for their input.
I soon found that making my own ringtones was a breeze. One thing I did do before hand, was to pre-edit the MP3 for the portion which I wanted. I use several music editing programs already, so it was simple to cut them down to a 30 second tune, and drop them into the phone. I did try RingDroid, and it was a snap as well. Everything sounds great!
I tried making some custom alert sounds as well. These didn't go as well. I was trying to use things from my sound effects library. Apparently, there must be a certain bit rate/format requirement for these. I know that the MP3s for the ringtones were recorded at 128kbps, while the sounds were WAV sounds at 176kbps. I will attempt to convert them to MP3s and give them another try.
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