I don't agree that there's anything particularly wholesome about not buying good players. It's a very dangerous game to play, because ultimately you have to convince the players you already have that they can fulfil their ambitions at your club. To do that you have to show them that you won't stand still. Ultimately if you acknowledge for example that you need a top line striker, and that bringing that player in gives you a shot at Top 4, then there is zero reason for Kenwright and co to not already have agreed a fee with Chelsea for Lukaku for example. They're talking figures of around 25 million pounds which is about right for a player of his quality. The added bonus is you already know he fits in.
Not taking anything away from the philosophical argument you make about the satisfaction of doing it without having to sell Ross or without having to spend 50/60 million. I just think there's a lot more to be considered practically in situations like this. For example, you'll be playing EL football next season which historically adversely impacts teams league form. It's this kind of thing which having money helps to mitigate because you need a much bigger squad if you're serious about both competitions and want to do well in them both.