I've built two now, here are some pics of the first one, and of my d.i.y. jig for holding the rod and thread.
Cost effectiveness - depends on the stuff you pick, but I will never buy a new rod again. (Although some used rods may tempt me). Roughly half of retail is achievable, with quality as good as you can make it. If you tie flies, it is not a big jump to making a rod.
For my first rod I called up Dan (see below), and he walked me through what I needed - I think all in for blank, cork, reelseat, thread, guides, finish, glue, etc I spent less than $250 (blank was approx $160), and many who have fished them think his blanks compare to the best of the top line rod manufacturers. I doubt I could find a new rod for less than $600-700 that I would be willing to trade for my homebuilt 10' Dan Craft. (and if you have to have a Sage blank, they are available too, for approx half the retail cost of the rod. Most blanks come with similar warrantees to new rods. The second rod I built was a 10'8" 8wt Rainshadow switch, which was rediculously inexpensive, and is a very servicable and enjoyable rod. I have a couple more rods in the planning stages - next in line is a 13' spey rod, on a Meiser blank. (gotta save my nickels)
Cork and grips are a little tricky - you can either buy ready to mount grips (which you need to ream out to fit your blank, then glue on) or turn your own (which is what I did on both the rods I built, as I liked the idea of turning the grip to fit my hands. Some folks turn grips on a metal rod, I did mine on the blank itself, with a cordless drill. (be careful).
Lots of great info on
Rodbuildingforum.com and their tutorials, etc were very helpful. They are pretty beginner friendly. Less beginner friendly is
Rodbuilding.org
Blanks:
Anglers Workshop (blanks, rod building components, thread, finishes, etc)
R.B. Meiser (Spey and switch blanks - he also sells kits and "ready to wrap" rod blanks with grip and reel seat mounted)
Reel Seats: (these are the top line, there are definitely nice seats that are less money)
REC (Dan Craft and Anglers Workshop both carry REC.
And of course there is Ebay - I have bought cork on ebay, and it was as described. If you are looking for the very best cork, and are willing to pay for it, ebay is not the place.
I would encourage you, I have really enjoyed it. It is also kinda nice to catch a fish with a fly you tied on a rod you built.
regards,
Michael