Openplanet,
As I mentioned I think the easiest approach is to use a PC, there is no stand-alone piece of bench equipment even close in comparison wrt versatility, processing power and ease-of-use; however, if you are determined to try a wave form generator, then I would urge you to search e-bay before starting down the road of a DIY build/design....for instance:
http://www.ebay.com/itm/Digital-DDS...157?pt=LH_DefaultDomain_0&hash=item2a4bf0f98d .... but please understand, you will not achieve any type of noise cancellation with a simple function generator, regardless of features....but if you need to 'scratch that itch', and, for what-ever reason, don't want to use a PC, then you should really just spend $10-$50 for an off-the-shelf solution to prove to yourself this is not a viable approach....I understand the need to 'prove' simple doesn't work before moving on to complex, but don't waste your time designing/building something that is readily available, tested and working for less than the components would cost you.
Once you are satisfied that simply "playing a sound" is not a viable approach do a google search on the topic......here is one soc ("solution on a chip"):
http://www.silentium.com/ ..... Be fore-warned most of the readily available solutions are for headphones or are designed to allow integration into a stand-alone product (ie to make an air filtration system "silent")....
You mentioned the substation is ~1 mile from your home....this implies a tremendously powerful signal source....obviously it is a "sub-station", so there is a vast amount of power present, but the fact that it might be generating an audible noise with a radius of over a mile would mean a huge amount of energy is being converted into sound....This is a troublesome revelation....You really need to do some testing before settling on any particular approach to noise reduction....For example, if you WANTED to generate a 60hz sound wave with an effective audible range > 1 mile radius you would likely need a 10kW or larger amplifier/speaker system....but it would also imply the sound at the sub-station would be deafening....I doubt this is the case because it would mean there were some very serious flaws in the design of the sub-station. I am NOT doubting the noise exists in your home, NOR that it is possible the sub-station is the cause of the noise; however, I am suggesting the source of the noise does not originate as a sound wave emanating from the sub-station....Something else is going on....obviously it ultimately manifests itself in your home as a sound-wave, but I think it highly improbable it originates at the sub-station as a sound wave....
Think of it like this: if you had a 100W stereo in your basement and you wanted to play music for a neighbor's pool party would you turn the volume all the way up on the amplifier with the speakers in your basement, or would you run wires from your basement to your neighbor's house and place the speakers near the pool? My point is that if the sub-station is a mile away, AND is the source of the sound waves in your home; it is far more likely the energy is being transmitted via a more efficient medium and is then being converted to sound waves much closer to your home (or, as I earlier suggested, by your home itself....) In any case, this is easy enough to figure out....simply go for a walk....if the sound gets "louder" as you get closer to the sub-station then I am wrong and the problem is, in-fact, a sound emanating from the sub-station and by the time you are a quarter mile from the sub-station you will need to cover your ears with your hands....but I suspect this will not be the case....
Now, before we go too far down the sub-station rabbit-hole; You also mentioned proximity to transmission lines....if these are "primary" high-voltage lines they could easily be 10kV to 100kV or more carrying several hundred amps....and these lines could certainly be the source of your noise, again, taking a walk could really help with "finding the source".....I have frequently noted a "hum" around transmission lines...if these lines are close to your home then it is far more likely they could be the source of the noise....because transmission lines typically stretch for miles, they make a far more effective "long-range" transducer than the transformers at a sub-station....think of transmission lines like a large array of small speakers and the transformers at a sub-station more like a single, large speaker.....up-close the single large speaker "seems louder", but the effective range is fairly small.....but the transmission lines might span a 100 miles or more....the sound would never be "loud", but the area affected is considerably larger....
Why is it important what is causing the noise? Because before you can determine an effective approach to eliminating the noise you need to determine the source. Just because the 'problem area' is your bedroom does not imply the best solution is active noise cancellation in your bedroom....It just doesn't. It might be far more effective to "cancel the noise" somewhere between the source and your house, but if you don't know where the source is this possibility never emerges. Wouldn't you be a lot happier if you could use a 10W solar-charged solution located 100 yards from your house than having to use a 200W solution located in your bedroom? I am not suggesting either of these solutions exist, only that the more information you have about the problem the more opportunities you have to solve it....You stated that your home is off-grid....to achieve this you had to re-think how you use power...the solution is not to build a solar/wind array capable of supplying a sustained 220Vac panel box with 200A....that is NOT an economically viable solution....instead, you likely utilize low-grade radiant energy to heat water....you likely schedule larger power demands to coincide with peak production hours to reduce storage losses....you likely take full advantage of the passive heating and cooling options available....You likely coordinate wash days with favorable weather for air-drying your wash.......etc, etc; Solving your noise issue is going to take the same type of careful attention to understanding the problem that going off-grid presented with power usage....
I am happy to help, but I understand you need to scratch the function generator itch first....keep us posted on how that goes.
Good Luck!
Fish