You can certainly build a good and perfectly functional rod on your first try, and be happy with the results. I did, over 20 years ago, and I still love and fish with my first rod (although I will be re-doing it this winter).
All of the skills of rod building are just that...skills. Some of them are closely related to things you have already done and you will pick them up easily. Others are more challenging and take time to perfect. How fast you can learn them to the level of "competence" depends on:
a) how good your basic hand working skills are (if you have competence at woodworking, you will probably have an easy transition to rod building).
b) how fast of a learner you are.
c) how you define "competence", and what will satisfy your own eyes.
I have built dozens of rods, and my eyes always see the little imperfections that are inherent to most hand-crafted objects. Many others, however, don't see what I see and consider my work very good.
That being said, you can improve your odds by obtaining a good book on rod-building and doing your homework before you begin. I recommend "Rod-Building Guide" by Tom Kirkman:
http://www.fishsticks4u.com/. There are a lot of basic things you need to know before you get started, and Tom's book will save you a lot of grief.
As George said, you can wrap a rod using a cardboard box with v-notches in it and a book to create tension on the thread for wrapping. This is good advice for your first rod, unless you can borrow a rod wrapping jig from someone you know. You can easily make a substantial investment in rod building equipment, but I would not recommend it until you determine whether you really like the process.
I can provide you with a lot more information on how to get started if you want to shoot me an e-mail or a PM.
Buzz
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