My rodbuilding came of the need for quality steelhead fishing rods. You couldn't buy anything at all when I got started into river fishing for Steelhead. It's still tough to find quality float rods. Lorne Green of LG was the surest reliable source of float and fly gear for rod builders, he set a tough standard, John Collina gets Lorne's referal and mine.
Definately check out Rodbuiding.org, serious experts will answer any and all questions.
I'm not in agreement with the build a cheap one to avoid regretting mistakes approach.
Look at it this way, your learning to build rods, this means you can repair / re-build rods. So if you don't get it right the first time, just cut your wraps off or shave the cork off and do it again. I have re-built most of my early rods in order to improve or adjust.
The other thing to keep in mind is that your building for yourself, looks are secondary to quality of function.
Lots of trollers are building rods with a twist in the guides. In other words the stripper guide is on top of the blank and the following guides spiral off in a clock wise direction until they are under the blank. This allows the rod to run hour after hour in a rod holder, bent under the strain of a down rigger without the blank being twisted by the torque of all the guides being on top. These rods look very odd at first but function much more smoothly and last longer than rods built in the traditional fashion.
Moral of the story is build something you'll like for more than just appearances, function is the primary reason for doing something custom. Remember lots of thread = lots of epoxy finish = weight. Same goes for wood parts added for cosmetic reasons. I'm not saying don't do the fancy stuff or add personal cosmetic touches. Just keep in mind that the goal is to build a better, more functional, specialized rod. Bells and whistles don't neccesarily improve performance.
Check out the style of builders who post their finished products on the web. Check out how sparse the highest quality Sage fly rods are. Just the things needed to make the rod work, nothing more.
Of course a lot of this is just my opinion but I figure the mark of a true craftsmen and a high quality custom rod is to make a thing of beauty that feels like no other in your hand with as few parts as humanly possible.