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I would honestly look into it more before you purchase anything, the truth is you cannot get a quality press for cheap, the difference in the 1-color and 4-color is pretty easy to understand....each color (in therory) requires a diffirent screen, it gets done in layers. obviously with a single color press you are limited to only printing one color, it means the press your getting can only hold 1 screen, which is a limiting thing. The four color press would then give you the ability to print four diffirent colors onto what you wish to print.
To give you fore-warning, there is alot more equipment needed to screenprint, my advice would be to go down to a local shop/internet and see how it all works.