I played around with this when I was a kid. If this is something new for you, I'd suggest starting with jigs. You can buy unpainted jig heads and appropriate paint from Cabela's (I think). They also sell marabou, bucktail, etc. Don't expect to save money -- you won't, but it is fun catching fish using your own "secret" creations.
As far as crankbaits, etc., the manufacture and finishing is typically so high-tech, it's tough to make anything comparable to what's commercially available, even if you're just repainting, unless you make some real investments in equipment and time, and also have a knack for it.
As far as making crankbaits, it's tough. Making the diving lips with the required precision is especially difficult and frustrating -- I know! If you're going to try it, maybe start with a suface chugger.
Good luck and have fun!