Melissa--
I don't recall offhand, but my kevlar shears, which are not very fancy, probably cost about $20. You can probably get away with fabric shears or whatever.
There's no question that just burning takes its toll on fire equipment, but abrasion can chew it up more quickly as well. People who like to do "fire-circle" starts chew up their wicks really quickly. All the wear I see is around edges and corners. Which doesn't make the equipment unusable, just unsightly. I've got two sets of wicks that each has at least 80 burns in them. I've been using them less and less, but I can still get a 5:30 burn out of them. I don't have any exposed cut-lines on my wicks (they're folded under). I use the Elmer's to avoid unravelling from the ends, and it seems to be effective for that purpose. But it won't prevent fraying (which can happen along any edge). I don't think you can practically fight fraying with glue or anything else. In theory, one could build a little frame out of angle-brackets around the wick, and that would prevent fraying, but would be a Really Bad Idea.
Wicks don't last forever.