The biggest problem with most of the inexpensive tubing benders is the way they bend, more than how the material fits the shoe. In a high quality bender the tubing is held at one end of the shoe, and the shoe rotates down the tubing as the secured end is held. The inexpensive benders hold both ends and push down in the center, which tends to kink the tubing as it pushes on one point. If an inexpensive bender could be modified to hold the tubing tight against the shoe at the center contact point, it would keep it from pulling away and kinking. I've got a cheap HF bender, and looking at some way to make a removable strap that can be attached to the center before beginning the bend. If I can come up with a way to clamp the tubing while bending I'll test my theory out. By the way, there's only .1" difference between EMT and schedule 40 pipe in the 1.25" size. 1.66" vs. 1.51" OD sizes.
Lot of work to make a bender for 1/2" emt when you can find a used bender at pawn shops and tool stores used for about $10 often. They're under $25 new! Found this Burndy on the net for $23.50
You can get special dies here http://www.pirate4x4.com/forum/tools-supplies/784678-harbor-freight-1-75-tubing-roller-die-set.html