Being on a budget, can the thyme and basil from the spice rack be used for making the dressing, and still have close to the same taste??

That type of dressing gets its particular flavor from the Balsamic vinegar, which cannot be duplicated.
You can get lots of ideas for homemade dressings from the recipes listed in the SB recipe forum.

Shop around to see if you can find a cheap bottle of balsamic, hon. It will last a long time, and the flavour really is worth the expense. I know what it's like to be on a budget, though. Sometimes payday just can't come soon enough. And even when it does, it's never enough.

I think you mean for the spices in the recipe, right? sure. Dry spices can be used in lieu of fresh, you just have to adjust the amount you use On my spice jars they usually say how much to use compared with fresh. Enjoy!