Dowels are not recommended. First off, they are not spined nor weight matched. You gotta buy a lot of dowels to sift through the batches to find anything even close to a set of pre-spined and weighed arrow shafts.
Second, almost all the hardware store dowels I've seen have grain runout in at least one spot...sometimes more. Grain runout needs to be carefully monitored and indexed so if the shaft breaks on release it won't end up shish-kabobing your bow hand. Yes, it's happened. More than once.
Third, the wood used in hardware store dowels is not ideal for arrow shafting. It's usually either too soft (pine, softwoods) or hardwood such as hickory. Hardwoods can be a real
to work with on tapering, etc.
My advice, should you choose to accept it, is either buy a good grade POC (Port Orford Cedar) set of shafts spine and weight matched, or go with something other than woodies. Yes, a dozen POC shafts S/W matched will run you around $50.00. But that's the cost of doing business.
My .02 and worth every penny...