Out of curiosity, why would you assume that would require years, IRL? I realize initiation is a lengthy process, but I've read nothing to suggest it would take anywhere near that long. On a side note, I'm probably going to forgo the second initiation and burn a point of edge for Smackdown on the drain resistance test to shave off a few months. If I do everything on that list above (unlikely), I'm looking at 367 base karma (421 if I take aptitude and a 13th point in binding), plus the cost for binding both the spirit and a summoning focus; probably around another hundred fifty. At our current rate of about 15 karma / two weeks, I'd be looking at a year and 9 weeks (plus the time for an initiation, if you go conservative and assume I'd gain zero karma in the process). Barely over a year does not seem horrible for a character's lifelong goal.
Also, this is assuming I did nothing else in the meantime, which everyone seems to do... why would anyone assume I'm passing up every opportunity to buy spells, train, etc.? Hell, even if I were, assuming I made half of the runs between now and the ritual with nothing but the benefits of initiating for the centering metamagic (along with the relevant focus), I could still pump out a reasonable amount of damage. That would put me at 7 magic (after paying for the upgrade, ofc), and I'm already sitting at 10 mental limit... Being able to rely on the centering focus to keep me alive, while pumping out force 14 improved invisibility and napalms (spells I already have, along with several utility spells to keep me relevant in more subtle situations) every fight is nothing to laugh at.