i have made an accoustic guitar....it took me 1.5 years!
will post a few pics soon...
..you are far better putting the 5 or 6 hundered dollars into buyng a ready made instrument..at least you will have something to show for your money, other than lovely pieces of wood that you have hacked up.
for an idea of how difficult you will find this project...
practise with off cuts of bits of wood...try and make the neck first...
...see if you even have the skills to make the simple lap joint (a process that uses a diagonal cut where the headstock will be, flip the wood round and attaches to to back of the join to give your headstock angle) and see if you can square up the pieces of wood to lie surgically flat against one another....
...or you could even practice squaring up a mock fingerboard to lie flat on the mock up neck..its a very difficult and a tedious process..if you take off a fraction too much material (and you will), you have to start again..
i think this is too big a project for you without proper proffesional tuition.
cheers
mark