I've done both and often end up template bashing a couple templates to get what I need. Rarely do I find a template that does everything I want.
As for waiting for the right custom design - don't wait too long. The more time you spend thinking about things the less time you're actually DOING things. Time is money. If you have a design that you want, get it done, there's a ton of places from regular design shops to freelancer.com and our sister forum - www.talkfreelance.com
. If you have something in mind, do it. Otherwise while you're waiting, your competition is getting stronger.