Very good advice above, but I'll give you the lazy man's point of view.
I put my nocks on first, after I make sure the shaft is straight, so that I can measure and cut the shaft exactly from the nock in the nock.
Then I apply a sealer-stain with a small piece of rag, maybe give it two coats, and let it sit over night. I'm using "Varathane" wood stain right now. Also use minwax polyurethane.
Then I put on the field tip or broadhead.
Then I fletch it. I like 5" to 5.5" parabolic cut feathers, but also use shield cut.
I use RCA flight glue for the feathers and nocks, which has worked good for, feathers and nocks. But...it does not seem to hold the field tips on very well over the long run.
You can orient the nock either with, or against the grain, depending if you want the arrow to be stiff or weak. Normally across the grain, as mentioned, but if your arrows prove to be too stiff you can re-orient the nock with the grain and it might save you from re-tuning the bow or having to go to a heavier tip. I don't worry about spine for each individual arrow. Once I find the spine or stiffness that works in the bow, I just go ahead and make the arrows, and then weed out any that consistently don't fly right. It's usually pretty obvious, and I rarely get a "flyer".
I have always got great cedar shafts from Rose City. I've tried other woods but Cedar really does seem to work best, all things considered, for me at least. I also tried Poplar, I think it was, and found that it really took a beating, could hit stuff that would bust up a cedar arrow easy, but they seemed to warp easy and often, and would be hard to straighten.
Well good luck, it seems that so many people shoot carbon and aluminum these days, (compound shooter wannabees?) but I would never shoot anything but wood.
ken.
:beer:
