You can get similar archival benefits by toning in Sepia toner, or a few other toners. (Caution is advised, as some toners are definately harmful to making archival prints. Copper toner, for example.)
Whether or not you tone at all, especially if you're printing for your own enjoyment, is strictly up to you and should really be based on aesthetic considerations. If you don't require the look of Selenium, then don't bother. If the prints are hanging on your walls, you can always make more prints later if you have some paper around.
Personally I'm partial to warmtone prints for a lot of my work, so I use Kodak brown toner. It is an archival toner, but it definately turns prints brown...not everyone's taste. Like you, I print for my own enjoyment, although I give away lots of prints and try to treat them archivally for that reason.
The prints which I do in neutral tone look, to my eyes, better after a short bath in dilute Selenium toner. But if reducing the number of chemicals in my process was important to me and I was hanging all of the prints on my own walls, then I'd probably skip the Selenium step.
So skip away...as long as you're washing your prints properly you'll be fine. If you want an extra step to help with archival stability without changing your image tone, use Sistan. But it is another step.
Best of luck.
Dave