This is what I would suggest, Get a Taper tool, and a second hand fletching jig. Go to Lowes, pick up a dozen 5/16" dowel rods. Practice straightening them either with the screwdriver method, or the heel of hand method. Purchase a bulk package of fletches on the auction site, or from a fellow tradganger along with some nocks, and points. Work on getting your nock alignment correct, and keeping your fletching consistent. After that, work on point alignment. After you have nailed those skills apply them to your nice Hex Shafts, or POC or whatever you want.
As far as staining and sealing etc... I have been using minwax stains for the last several years with excellent results. I usually rub it on with an old T-Shirt. Gasket Laquer works well for sealing, but you can also use polyurethane, or a polyacrylic. I have recently made the switch to water based sealers.
The only real tools you will need are going to be a Tapering Tool, and A Fletching Jig.
Other than that I would suggest you pick up;
Ferr-L-Tite Point Glue
Alchohol Burner or propane torch
Fletching Glue or Tape (I prefer Duco cement, 99 cents form wally world)
Also, there are several online tutorials available describing the order, and the method with which you will be applying these skills. Just search "making wooden arrows".
If you have any questions feel free to send me a PM
-Sam-