Would it be best to slowly save an upgrade fund and upgrade ones mobo/RAM/vidcard a week before the game release? (obvs not using windows 8 - ugh)
Absolutely.
By the time 2014 is here and Elite Dangerous is upon us the average power of hardware will have gone up; average prices gone down; and you will get more bang for your buck.
Best advice I could give someone is to save n wait.