You can get much better value if you purchase the parts individually to be fair.
Basically it's a flexible bag system. Peristaltic pumps can be a bit slow, unless they're larger models, a geared pump works well and is cheap, but you will need a pinch valve to stop backflow messing up your trim.
Balloons work well as flexible bags, I used two, one inside the other and it worked very effectively, I do have some concerns as to longevity. A good alternative is saline drip bags and equivalent, assuming you have a source for them, but they're very strong and used a lot by French modellers, where they tend to refer to it as 'le baxter' system after the manufacturer of the iv bags!
Norbert Bruggen demonstrates a way to make you own custom bag from rubber sheet, with the joints bonded together. the system is used in his Delta kit.
The book mentioned is very good, although very maths intensive which gets a lot of modellers running for the hills. If you can get past that, it's extremely informative, especially for the mechanical aspects of model submarine design.