I have made a couple using Tim's stuff
primarily a drill press, small benchtop lathe (and tools), sand paper, steel wool, and if you want a shiny finish, some form of clear finish product.
Woods, I went to Woodcraft store and bought a couple pieces (you can go high end, or low end) I liked purpleheart(takes a good bit of sanding to get out the fisheyes) and like Osage Orange.
IMO Hardwoods make nice calls, but are difficult to get a smooth clean look (takes a lot of sanding and time)
Its all in what you want to do. I priced it to buy the equipment to just make them for fun, I was looking at around $600 without the wood.