We'll be using Volumes 1 & 2 this upcoming year, as well as the FIAR Cookbook. I'm actually not familiar with the Bible supplement, as we use something else for Bible. As for using the library, that's fine. I've purchased almost all of the books I need, but that's just b/c I love books!:D You could opt to just purchase the manual. FIAR includes all subjects, but as a pp stated, math is limited. This is what I'll be using in addition to FIAR this year:
Phonics Pathways, Primary Language Lessons, Draw Write Now, Cheerful Cursive, Prima Latina, Saxon Math, and Trip Around the World books. The Trip Around the World books will be added to the FIAR stories as appropriate for extra culture and geography activities. HTH!:)
Also, I should say that we LOVE FIAR! We usually read the story each day. My children like the stories so much that they don't mind hearing them again and again; however, you could always tweak that if necessary.
ETA: I second http://www.homeschoolshare.com/ It's a great site.