I got this kit as a present one year and supposedly it aids you in making your own clubs. I tried it out when I first got it but have had no success as of yet. I might try it out again once the summer starts.
I was just going to make a post about thins but I found this old thread.
I have never tired but I think it would be fun the only bad thing is that if you messed up all the time and money would be wasted.
I never even thought of this, but you would have to have something to mold the metal, mold the head, rubber for grip and the list continues. I wouldn't try it myself.