Asking for a combo tool probably won't work, the tool is basically a socket with a flathead screwdriver in the top end.
Brownells actually offers this tool for regular and slim slotted bushings.
The OP doesn't necessarily need a Challis extractor to remove the old, standard size bushings that are currently on his pistol. What the Challis extractor does is make getting the old bushings out a risk free event. I've used this tool to easily remove staked and rusted bushings from a WWII 1911 that had seen better days.
However, in terms of saving money the Brownells bit will work. In fact, those bushings can be removed with a screwdriver if need be as long as he's willing to run the risk of buggering up the slots if the bushings are in really tight.
If he replaces the old bushings with Challis bushings, he can install them using a 7/32" socket. Don't get me wrong. I have a couple of Challis extractors and nut drivers and they are great but as long as the OP is careful and doesn't get heavy handed, he can use a 7/32" socket with no ill effects. I tested the very first set of Challis bushings I got by using a set of their O-rings and using only my fingers to torque down the bushings. Neither the bushings or the G10 grips loosened up at all in 200 rounds. Putting a socket on the bushing then finger tightening should add enough torque to make for a very secure, long lasting hold.
If the OP is going to replace the old bushings with slim, slotted bushings, I'd recommend using the correct Challis extractor so he won't bugger up the slots. I recommend he read the FAQ page at the Challis website as well as communicating with them directly to determine which of their extractors will fit his new, slim bushings.