Shane, I would recommend cedar. Other woods you will find may be more durable, but very heavy. Ash is one of those heavy woods, finished arrow in the 28" length range would be close to 700-800grains. Cedar can be kept around 500 grains and is quite durable, easy to work with, sands easily, and like Centaur said....it smells good!
I taper my shafts on a belt sander. I made my own jig with the angles set on it, then clamp it to the little table on the front of the belt sander. Once you get the hang of it, it's real simple.
For straigtening, look up how to use a cup hook. That works amazingly well for me.
Then I wipe with my stain of choice and spray a couple coats of satin polyurethane on them. Add an arrow wrap and fletch.
I also make my own point adapters out of aluminum shafting w/insert so I can use screw in points and broadheads. I also use glue ons, both work great, but I wanted the option of using different heads quickly going from judo to field point to broadhead in just a matter of seconds depending on what I'm going after that day.
I found that a 2312 arrow shaft is about perfect for 11/32 cedar shaft, but you will need to sand it slightly to get a snug fit. About 2" of the aluminum shaft and the insert is all that is needed to be straight and do the job well, then installed with hot melt glue.
A 2117 shaft fits 5/16 wood shaft well.
I also shoot carbons, but I still love my woodies.
If you have any questions when you get started building them just shoot me a PM and I'll help you out. I'll even send you pics of how I do mine.