You are right, it is a very cool thing to do. Catching a fish on a lure that you created is special.
True, the first bait that you create will be more expensive, but consider what you have to spend the money on and how many lures will each of those items make. For example, a 1 oz tube of epoxy will coat ten small cranks at least. A hacksaw, one blade will cut a thousand bodies. A wretched file will last a lifetime.
If you get good at it, you may be able to sell a few to friends, to help with material costs, but learn first, make the best lure you can, catch fish with it, then sell a few. If you sell too soon, they will never come back for more.
Don't let people put you off your idea. Post more information about yourself in the user CP, so we know who we are dealing with. We are here to help.
Dave
LMAO, a wretched file! Glenn, your naughty word checker needs educating. Lets try a rough file then.