It's a fundamental skill, one that has done as much for mankind as any I can think of off hand, right up there with making fire and I'm not exaggerating. Think about it.
Making a string from stands is so simple it's darn near impossible to describe in words. I don't know if Chad (LBR) above will get in trouble, and he is evidently modest, but he makes a hell of a good string and made a dvd you might still be able to buy from him.
I second the notion you should invest in a spool of FastFlight, skimp on the serving material (nylon) if you must. 1 smallest spool is plenty to start, FF goes a long way as it's strong for it's weight (sold by weight) and it doesn't take much. 4200' of B50 costs $8, 8900' of FF $21 and being twice as strong you don't "need" as much FF to make a string.
Now, twisting up from natural fibers to make all sorts of stuff, string, rope, woven baskets, that's where the utility of the skill becomes obvious. I'm liable to bust me a test string impromptu outa most any kind of loose fiber at hand, just to see how it will work.
On bowstrings, I've made so many it's just a cotton pickin' hassle anymore.
Definately a skill an avid archer should endeavor to master. As with most skills, it takes some tries to get good at it, and there's more too it than it first seems.