Now taking a look at this, I am approaching the non-custodial thing with some skepticism.

You can choose what mint you want to use. There is some risk, but you also gain privacy from the eCash that's under the hood of the fedmint and it is a lot more easy than managing channels. I hope they will let you add multiple mints soon and open channels to them. That way you can push only enough liquidity for daily spending. Like carrying cash in your physical wallet.