I built one this year and am very please with it. Purchased from Retro Lemon with the Atmega already programmed and soldered.
When you buy from Retro Lemon, they automatically give you access to their downloads site which contains all the documentation and more. The documentation is excellent !, very easy to follow and highly detailed. As well as a BOM, they also go into great detail regarding equivalent parts, so you won't get stuck having to track down anything unusual. The only slightly complicated thing about the build was grading the zener diodes. To protect the Atmega inputs against overvoltage (if the chip under test is shorting and is supplied with -5v or 12v), it uses zener diodes. You'll need a variable bench power supply and a decent meter to make sure they are all within a tight tolerance, it is all explained in the build manual.
Yes, the Atmega can be re-programmed, all explained in the manual.
The basic DC/DC board comes with it, which is probably all we'll need. I also purchased the option of the variable DC/DC, which allows you to test devices slightly under, and over 5V. Not tried it yet but we often talk about bootlegs that need higher voltage, be interesting to try.
You will need adapters to program ROMs due to the addition programming voltage.
I first came across the RCT while looking up equivalents for obscure old RAM chips, I used their device list so often I eventually decided to take the plunge and buy one as I've always bought old chips as lots and built up a large collection over time. The RCT download site has a handy database as an HTML file that lets you search the equivalents list which I use all the time now, so useful.