Personally, I'd use a PIC processor and develop a simple circuit board for it (done that for a clock for my rally car allowing me to measure speeds, distances and avg speed, as well as keeping an eye on the time down to the second - cost around £30 in parts)
Solenoids and coils need a bit of thought as they have nasty back-emf going on that can easily wreck input boards, motors can do similar things, inputs are pretty easy (digital or analogue - I've done both). Would need some sort of large scale timer (done that - got a working clock design already

) then the rest is pretty simple. As for prototyping boards, I've done that at home with my laser printer, but pro-boards can be done at around £100 for 10 in small batches, or I can scale up and save some more moolah
The tough part is controlling valves - been looking at some linear actuators, they're a nice solution as you can use ball-valves and just connect the actuator to the handles and you've automated a manual process. The problem with valve control is that they are what make everything expensive, I don't think you'll get away with the small orifice solenoid actuated valves. Even the air operated valves aren't cheap (and you'll need to supply air to them, so you need a compressor....) but looking at some of the data sheets for the linear actuators, might be able to get something to open and close a valve for around $110 per actuator.