by bgriggs
Interesting question.You will, as mentioned, be short markers and spellbooks for 2 players. Both of these items can be acquired online or locally. I think I paid ~20USD for two additional spellbooks and two additional sets of markers at CSI.
Even with tome 1/2 you will still be short on some popular cards.
I think you can put together four decent spellbooks with the core and spell tome 1/2. There will be some limitations, but they won't matter unless you and at least one other person in your group decide you really enjoy playing. In that case, you will want your own copies of everything (for the cards).
I play MW regularly and each player has his own sets of everything. We also spend as much time deck building as we do playing. Once the monkey climbs on your back, you will be a much happier person. MW is a truly great game.
[edited to modify my comments about spell tome 1/2]