The first thing I made was a bow at skill level 1 : The Hickory Bow that trivials at the same level as your first arrow lvl 16... don't buy the one from the merchant it's not as good. Hickory Wood and Hemp Twine and combine in your kit. cost about 2gp and sells for about 1pp and sometimes more... so auction for best offer. 
BTW Don't try the Elm Bow until you're at least lvl 50+ I did and lost alot of money (for a newbie) with failures.

After you have done that you should start practicing your skill by making class 1 arrows which are very cheap and cost about 4gp to attempt a 100 of them. rather than worry about Armor much save your copper and silver for a fletching kit (1pp)  and supplies.
(get a tailor to make you some patchwork, most will do it for the pelt and the pattern, and others for free.)

Not only are they cheaper than buying arrows from a merchant they are almost as good(or better) then most of the starting arrows at the merchants. To make the arrows put the following items into the fletching kit you will usually find them at the merchant you buy the fletching kit from or nearby: 

A Field Point, Wood Shaft, Round Fletch, and a Large nock. 
Do this till your skill is 16. 
After that follow this table for the fastest way to master:
 
 
 

DMG of Arrow	Range of Arrow	Average cost(5)	Trivial	Point	Shaft	Fletch	Nock
1	25	20	16	Field	Wood	Round	Large
1	75	31	32	Field	Wood	Round	Medium
1	100	41	46	Field	Wood	Parobolic	Large
1	150	78	56	Field	Wood	Parobolic	Small
2	50	94	68	Field	Bone	Round	Large
3	0	278	82	Field	Bone	Shield	Large
3	75	415	102	Hooked	Bone	Round	Medium

Do that and you will be master in about 100pp to 200pp.
Selling Arrows back to merchants is the fast way to continue fletching but unless you have the money to burn you'll be needing to sell. There is money to be made by selling backpacks full of arrows, I sold arrows fairly easily auctioning at these prices:

Back pack full of DMG 1 arrows sells for about 1 to 5pp
Back pack full of DMG 2 arrows sells for about 10 to 20pp
Back pack full of dmg 3 arrows sells for about 30 to 50pp

There are more types of arrows that are not on this page but can be found at EQ Traders.

There are around 200 different types of arrows but instead of listing them here I am going to tell you what the different parts of the arrows do.
 
 
 

Point	DMG Added	Range Added	Value / Added
Point	+1	None	4
Hooked	+2	None	63
Silver Tip	+3 / Makes arrow magic	None	763
Shaft
Wood	+0	None	4
Bone	+1	None	14
Ceramic	+2	None	219
Steel	+3	None	539
Fletch
Round(Class 1)	0	+50	4
Parabolic(Class 2)	0	+100	6
Shield(Class 3)	+1	+0	29
Wood Vane(Class 4)	+1	+25	129
Bone Vane(Class 5)	+1	+75	259
Ceramic Vane	+2	+50	666
Nock
Large	0	0	4
Medium	0	+25	8
Small	0	+50	17

There you Go Hope you like my guide.
                                                          --Argil