My mother loves that sort of thing, and has made multiple sets of pajamas for family and friends, and has made probably half of my bedding (ex: she's currently working on a new comforter/quilt for my bed). One thing I picked up from her, though, is to be careful with fabric -- it's very easy to buy expensive fabric and you end up spending way more than if you had just bought it in a store. Look for deep sales and good coupons.
I also built a bookcase for myself a few months ago, and I'm extremely happy with it. Took me over a month to do, but it was totally worth it, and I really enjoyed learning how to build it. It's Just as you said, making some things yourself is going to be cheaper (sometimes by a long shot), and you also take pride in what you've made yourself.
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"Praestantia per minutus" ... "Acta non verba"
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