Hey Pat, did just that very thing tonight and it worked out beautifully. I can see where I'm going to need a little practice, but the shaft is pretty good.
I found some 2x2's at my local hard ware store that are 36 inches long and made from straight grained Port Orford cedar. They don't normally carry them, but got a bunch on some deal and were selling them for $1.49 apiece. I bought three that were perfectly straight grained, no run outs at all. Ripped one on the bandsaw to 3/8th inch square and planed it down, then chucked and sanded. Finished shaft, cut to length was 345 grain, but spined a little light, just under 50.
That was for an 11/32 shaft, tapered to 5/16th at the nock. I'll try doing one slightly larger next time to get something between 55 and 60.
At less than $5.00 for two dozen potential shafts, I can afford to experiment a little.
Stan