I met a guy last year,who makes all of his arrows from hardwood dowels from the hardware store and says they work great as long as you spine and weigh them.I haven't tried it myself yet,but think I will for flu flus.If I dont like em,by my math the finished arrow would be under 2 dollars.
He said,the only thing that cost him is the feathers because he hasnt found enough of them cheap to warrant proccesing his own and either used leftover points from broken arrows or 38 casings as blunts.
If he got ahold of a turkey farm somewhere,he's probly got his cost down under a dollar per arrow.