Everything that I've read about making laminate bows suggests that a bandsaw and drum sander are invaluable tools in the build process. I have a bandsaw, but not a drum sander, and since I don't have several hundred dollars to buy the Jet, Baby Grizzly, or Shop Fox that seem to be the preference for bow making, it seems unlikely that I will be getting one any time soon.
It's unlikely, but I was wondering if anyone had a suitable cheaper alternative for grinding lams easily so I don't have to purchase the lambs every time I want to make a bow.

Do a search on you tube for diy drum sanders. There have been some posted on here also.

I made a very serviceable lam grinder which has made more than 100 bows so far from a makita belt sander running gear sans motor and handle etc, which is mounted on its side through a table. I powered it with a spa pump motor which fitted straight up to the pulley on sander body.Adjustable mounts keep belt tensioned, table 'floats' in frame so it can be 'squared'as need be,and fence is a moveable one and is simply a square block of wood.Each grind pass is accompanied by a tap on fence to reduce gap and it is remarkable how quickly one becomes adapted to judging correct amount of force needed,

I cut my lams on a planer

The thing with a planer is it leaves a 'scalloped' surface. They also compress the wood fibers a little. I bet your blades are sharp though!
It shouldn't be too hard to make a lam grinder.

http://www.buildyourownbow.com/how-to-make-a-simple-thickness-sander-for-bow-laminations/

I built the one Roy posted there, their is a lil bit of trail and error in learning to use it but you can pump out some lams after you have it down.

Some good deals on Craigslist at times.  I found a 6x90 edge sander on there a few years back for a great price.  My buddy found a great deal on a Delta drum sander.

I've seen cheap harbor freight bench grinders used to power a small drum on one side with an adjustable table beneath the drum and a sanding disk on the other side.

A quick google-foo later..
   


Image shamelessly stolen from google image results.