Can I make my own props and would it be cost effective (new Michigan Wheel ~$2100)?
No because the temperature for a prop is an exact requirement , for a cleat or hawse hole very much less so.
Most folks do far better to purchase a prop. The Michigan and other US props are list priced at stoopid prices , to "protect" distributors and dealers.
Try a good import , only down side is the slow delivery time.
Taiwan has gotten far better in the decades since they made TT's.
WE purchased a 32x32 4 blade here with excellent results .
Ahoy Propellers - Design and Manufacturing