first, buy a test pack from a reputable arrow smith....shafts or fletched depending on how you want to go about things. IF you're building from scratch I'd build your test shafts. Make 100% sure you get what you need once or you'll have a lifetime supply of shafts you'll never use lol.
Shoot them hard figure out what you need. BEFORE you go buying anything!!!!
Find HAND spined AND weighed you're not saving a penny buying 100 counts of spined only. Or factory spined junk!
you're going to need a way to taper points and nock ends (or pay to have it done). I prefer any disc style sander and don't believe any are really better than the next. You can make one or buy one here. You could do the same thing with a strip sander if you had one using a simple jig. The pencil sharpeners are ok. If you do use one chuck the shaft in a drill and power turn it in the pencil style..works like a champ.
Fletching jig/jig (I like bpe pro or a bitz and run both).
Glues and paints will be determined by what you want to use. There's tons of ideas here, compatablilty is your only issue. If you're not pressed for time and one a seriously hard core durable finish, its hard to beat the massey finish. Use fletch tape for the feathers with a dot of glue at the ends, do this regardless of how you secure your fletchings. Duco for the nocks.
And a stick of hotmelt for the points, or you could epoxy here as well but they're heck to get off if you ever choose to swap points.
Buy your shafts from ONE place!!! I cant say that enough!!! Make sure they are hand spining them...not spined from the factory..hand spined. I found over the years some places spine testors were off. It really doesn't matter if you buy from the same place. Once you go bouncing around you'll find shafts are not sorted as thoroughly as most people would like. Maybe I'm just OCD in this department. dunno.
I prefer a tapered shaft but a parallel is easier to start if you're he!! bent on doing everything yourself. A properly spined parallel will fly just fine. If you want to run your own taper shafting, tims taper tool has a tapering jig that works well. you can build a jig as well on your own. They don't work as well but they do work for smaller jobs.
Make a drying rack for dipping caps and sealing shafts. 1x4 stand with some cloths pins with nails run through the springs...it aint pretty but it works well. Add some form of catch basin at the bottom. I redneck a piece of cardboard with some rags in it and periodically throw the rags out. Stuffs going to drip.
For a sealer I really like profin. I don't seal my caps with it (or under my caps either) which means you can run any paint/stain setup you choose here. Stained caps are nice as well as painted...personal pref with endless options. Again compatibility is your only issue.
I have used the Massey finish and its extremely impressive. Its slow to dry like profin...my issue is I hate fletch tape! I've thought about epoxying feathers on and may consider that route again. The epoxy is that good!
There's a recipe using krylon spray paint for a cap and the massey finish over it. You'll need to over coat with a waterbased acrylic before going over with the epoxy or risk burning your cresting lines. The thinner the lines or metallic (silver and gold), will run every time if you don't! I do like to over coat with a coat or two of waterbased mostly just to even out the shine from the last cap to the nock taper...it evens the shaft out and blends everything nicely.
A cresting machine if you choose to crest of some sorts. I run an arrow specialities and don't believe there is one on the market better that I've run anyways. true perfect pin stripe lines every time where ever I want them!
if you cant tell I've got a small case of ocd when it comes to arrows. The better the arrow the better shot you'll be! You don't need anything fancy here, some basic woods stains is enough to get going, you'll find some great looking arrows around here using just that. it would save you a LOT of headache when it comes to paints. use some Waterbased poly...testers for cresting if you so desire and fletch away with duco. done. Or you can get crazy and make some breasted tapered footed hollow tail spliced fletching arrows you don't dare shoot LOL! Pick your poison here.....