Q.
Dosent "Minhag Yisrael Torah hee" (The Customs of Israel are Torah) mean that ANY custom Rabbis of today develop have the status of Torah and MUST be observed.
 
A.
No, The main reason is that Judaism cannot destroy itself, and that is exacly what it would be doing if it would allow anybody (Rabbis today only have ceremonial smicha) to create Torah at their own discrecion.
 
So what does the statement Minhag Yisrael Torah hee" (The Customs of Israel are Torah) mean?
 
 The customs that it is reffering to are the customs developed by the Sanhedrin (Hil Mamrim 1:2) which are allowed fall under the rubric of Judaism (Deut 17). (Do not stray is IE a Torah command.)
 
And anything developed after their (Sanhedrin) disbandment are only communal and cannot be said to be sanctioned by the Torah. 
 
In other words by saying that even the minhag (Custom) of Shetelech/wigs are Torah (or worse were also given at sinai) only helps uproot the foundations of Torah and falls under Baal Tosif (adding). (And allows others to introduce new Ideas developed by Jews like Christinity also under the rubric of Torah).
 
Again...
One thing we must all understad is that Judaism cannot do is destroy itself, ie allow anyone to keep redefining and changing it till ceases to look like what we started out with.
 
 
Q.
SHould I just ask my local Rabbi what are binding customs or not?
 
A.
The LAST thing you should do is ask a Rabbi for a final answer...(if you do ask for only his opinion) and then research it yourself...
Thanks to Yehuha haNassi Judaism is no longer confined to the opinions of the (Post Talmudic) Rabbis...
In other words the Oral law is accessible to any one today, you can know what is judaism and what is not.
Aseh Lecha Rav (Make for yourself a Rabbi ~Pirkei Avot)  does not mean find a middle man between you and Judaism...