For another opinion: David is an expert and knows what he is talking about. I agree that I learn something with every build, so if you stand where I am in my rod building progress and look back it leads to a conclusion that a $150 blank may not be the right place to start. I recommend starting with a much cheaper blank, and I'm told that Rainshadow blanks are a very good value.
Don't do it if you are just looking for a cheaper rod. It's not about cheap, it's about doing it yourself and coming up with a rod you can really feel proud of. You can buy some very nice rods for $100, all built up and ready to go, especially if you follow the Bass Pro Shops sales. (Like David said)
To me the reason for building is that I can, for the price of a good premium rod, (~$200) have a rod that is better than a factory rod, designed specifically for my type of fishing, for my particular reel and line type, better, lighter guides generally, better cork, that has my "brand" of winding schemes (simple, elegant, classy).
I recommend you look at David's post at the top of the tacklemaking forum for an idea of what you are getting into. For first rods you don't need all the equipment he has-you can turn cork on a drill press with the proper "jigs," or you can just use purchased cork handles and sand them to what you want. You can make reamers fairly easily, and as others have pointed out, winding can be done with books for thread tension. You will need a drying motor and chuck (bought mine on eBay for about $12-cobbled my own V blocks for supporting the rod for winding and drying).
Another great source of info is the library at http://www.rodbuilding.org/library/library.html
Rodmaker Magazine is about as good as it gets for info, but costs about $27/year (worth every penny if you get into rodmaking).
It is very important to understand that every aspect of designing a rod is flexible-you can do whatever you want- BUT you should understand why you are doing it the way you are planning to do it and understand the tradeoffs involved. For first builds you can copy existing designs, then work on your own designs on subsequent builds if you choose to continue. One of the most critical steps that was sort of glossed over as inconsequential in an earlier post is that of guide sizing and location. Read up on that in detail before starting a rod (before buying the guides).
An idea for cheaply getting a feel for winding is to buy a few hook keepers and some thread that matches your existing rods that don't have keepers, and install some keepers on those rods. I'd practice on an old piece of blank or a dowel first.
If you do your homework I don't think the risk of ruining a blank is that high. It may not be the same rod you would build if it were your 10th rod, but it will be a good, servicable, rod that you can be proud of.
Mick