"The moment that you start to realistically price the time required it soon adds up if you are trying to earn a living doing it..."
Your post is much of why I've yet to make a lot of my own gear, and prefer cottage made stuff. Now, don't get me wrong I want to make my own gear, but it's not about cost it's about a sense of accomplishment. When comparing $$, it's makes a lot more sense for me to devote that time to advancing my career (by working a bit more or taking a class... or getting my MBA, like I'm doing now). That or it makes more emotional sense to devote that time to playing with my son, or taking my wife to dinner (two things that, right now, I don't seem to have much time for and are far more important to me than any sense of accomplishment in making my own gear).
Now, were I not in a decent job, where I can afford to spend some money on myself, I might see things differently.
PS - It's also why I don't change my own oil. I don't actually save money doing it (though would like to one day for therapeutic value - aka I like tinkering)