To make really good wood arrows, you need to start by buying really good shafts that have straight grain and are closely matched in spine and weight. I hand select where vendors will let me and usually examine at least 300 shafts to find a dozen with the straight grain I'm looking for.
You need a spine tester and grain scale to check the specs of the shafts you purchased. You don't always get what you ask/pay for. The spine tester and grain scale also enable you to group the shafts according to even closer spine and weight tolerances. You cull, or set aside for a different batch of arrows, those that aren't closely matched in spine and weight.
You also need a sanding jig for consistent/precise tapers. A pencil sharpener simply is not as consistently accurate in cutting tapers.
You need to know how to orient the grain front to back and top to bottom-- straightest grain toward the nock, any grain runout facing the bottom toward the nock end. Of course, on really straight grained arrows, there isn't any grain run out. And, of course, through nock placement, the grain should be oriented perpendicular to the side plate of the bow,almost always it's strongest/stiffest orientation (though some orient it differently to attempt to match spine). Spine should be matched earlier, and those that don't match should be culled or made into a different group of arrows.
None of the above has anything or very little to do with the appearance of the arrow. An arrow can look like a thousand bucks, but may be constructed improperly and or of inferior material.
Variable quality (in material selection and build) is the main reason wood arrows sometimes get a bad wrap. They're not all of equal quality, and most folks can't tell the difference.
Most books on trad archery have good chapters on building wood arrows. Good luck.