If you are just beginning and want to see what it's like bending on a pipe I'd go the least expensive route possible. That would be a 2" piece of pipe, held in a bench vise and heted with a propane torch. If you don't already have these, the pipe and torch will run you an investment of about ten bucks. That will at least get you started, then you can decide whether or not to build or buy an electric bender. I personally like to cook with gas and have used the pipe/torch bender on hundreds of ukes.
As far as temperature goes, I'm thinking somewhere around 300 degrees is sufficient. Spray some water on the pipe, if it quickly sizzles off, you are hot enough. If the water droplets jump of the pipe you are too hot. I've seen some builders soak a small piece of rag in water and drape it over the pipe while bending, which protects the wood from scorching while adding steam. Bending with any method, including heat blankets, takes practice. Take your time and practice on all the scrap you can at first.