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That all depends on how much you want to spend!
Seriously though, I know some guys who make all their plugs with a belt sander. I personally use both a belt sander ($60-100) and a lathe ($120-300) for most of the work I do. I also already had a dremel for some of the shaping ($100). If you are into wood working you may already have most of the tools. As time goes on, I buy more and more stuff.
The supplies to make plugs like eyes, hooks & swivels can be found at your local tackle shop. I hope that helps you make your decision. Beware, this hobby becomes very addicting!
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