I need to make a precise cut of wood to be 24" long and only 4 1/2" wide.

Right now all I really have is a 10" compound miter saw (as far as saws
are concerned) - which obviously won't do.

I did just pick up a very nice Porter Cable router!

So now I am sort of stuck realizing I am going to need to buy yet again
another power tool

I am avoiding buying a table saw because I don't want to get the
cheapest one ($99 Ryobi). I would much rather save up and buy one later
on that is nicer.

I have considered buying a circular saw ($50 Skil) that has an
Accu-Sight. Along with that I will setup a fence. Do you think that is a
good plan / option? Any other tips that you guys have for me? This is my
first wood working project and I am anxious to get started with it!