Jeff: I have done this. If you dont have any desire for a shop full of really nice tools, then I would suggest you buy the pieces. If you dont like this price, find a moulder operation and request a quote. I did so not long ago and was surprised at the cost difference.

If you do decide to build yourself, read the production fellows posts very carefully again. Keep in mind, any jiggle of the stock while cutting results in a blip you will most likely get to take out with sandpaper attached to a reverse profile moulding of the shape. I would also suggest that you make this profile in two pieces. 3/4" stock will not flex to your walls like more of the traditional pieces and scribing is time consuming. I would make the top profile slightly wider to accomodate wall variances and not leave an unsigthly trim. If your floors are not perfect you might end up thinking about a shoe moulding too.

Good luck.
Brad