I need to know some things about bending steel sheet

I need to know a couple of things: which tool to use to bend some steel sheet, and how much I'll be weakening the steel by doing it.
I don't often work with steel for load-bearing structures, mostly because it's harder to work with than wood or plastics, and I do not have many tools for working with steel, but I need a part with high tensile strength and low bulk -- and I don't have a lot of money to workd with. So steel it is.
I need to make some precision right angle bends in some sheet steel so that it can be attached to two components which will apply tensile stress via the bent-over tabs. Cheesy ASCII illustration follows:
Viewing sheet from the side, edge-on:
+--------------+ <-- "+" = precision right angle bends | | <-- bent-over tab
Same view, with components applying tensile stress added:
+--------------+ <- steel sheet #1 |# #| # # <--- # # ---> direction of stress # # |# #| +--------------+ <- steel sheet #2
The steel sheet I want to use is either 1/8" or 3/16" thick, and about four inches wide (depending on the answer to the second part of my question). It will be typical construction mild steel, with about 85,000 psi ultimate tensile strength and 55,000 psi yield strength.
So, what tool do I need to use to make these precision bends? Is there a tool which will do it which is cheap? Are there places which have shop space with the necessary tools that I can rent by the hour, or similar?
Second part of the question is very important: how much will I be weakening the steel by bending it this way? Since the tensile stress is being transmitted through the bends, this will determine how thick and wide the steel sheet will need to be. I don't want to just use as much steel as will fit because I want to minimize the weight of the apparatus.
I appreciate any suggestions :-)
Thanks, -- TTK
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