Is it possible to measure galactic red shift using consumer telescope equipment? I was wondering if it would be possible to measure red shift from distant galaxies using consumer grade telescope equipment and spectroscopy filters. (like this one)

I imagine it would require a tracking mount, and enough aperture to gather data on distant faint objects, but I wonder if it would require more sensitive equipment then a consumer grade tools available for under 5-6 thousand. 

A long term goal would be to replicate Hubble's work, and directly measure the expansion rate of the universe from backyard equipment.
Looks like you can measure the cosmological redshift of quasars using that equipment and an 14" reflector:

http://www.rspec-astro.com/sample-projects/
(halfway down the page)

So the answer appears to be yes, you can do it, assuming that page isn't a total fabrication. Seems plausible to me: the redshift of that quasar is sizable at 0.15 (though that's small for a quasar), which means that the spectral lines will be shifted by something like 15%. So you  don't need to have a very fine diffraction grating to see the shift. And that quasar is pretty bright for a quasar, at magnitude 13, so you can easily spot it with a good scope. Sounds like a fun project!