Magento bundle (composite) products

Project Description:
I have a Magento site with design-your-own ring functionality.

Currently the designring filter brings entire products from the database--which works great when you have those products already input in the database.

What would the time/cost estimate be to have this filter "create" the ring from different parts, basically draw from existing tops and bottoms(that exist as simple products) and bundle them together into a "composite" product? (grouped product? bundle product?)

I'd like the filter to work like this:
1) select stone
2) select head metal
3) select shank (circle) metal
4) then from the tops select a design
5) then select bottom

and the result that gets displayed will be a generated "composite" ring based on these selections. Maybe bundle product might be a solution for this?
http://www.magentocommerce.com/magento-on-the-fly/magento-bundle-11/

More details to be provided to qualified applicants whose responses show they read this project description (rather than just copy/pasted their response)

Additional Project Description:
01/28/2013 at 17:26 EST
The issue described another way:

-7 types of metal
-10 stones
-7 top designs
-5 bottom designs
that means
7*10*7*5 options

2,450 different possibilities I'd rather not have to populate individually

ideal would be for Magento to be able to generate "artificial" "composite" product pages/data/images from these design-your-ring selections