Awesome! With the $1 bin, when you score you score! And, yeah, it's a good feeling ;).
Use polyester thread - 100%, no cotten content at all. Guterman is highly recommended by most of the experts I've spoken to. If Walmart doesn't have it, Joanne or Hancock fabrics will.
The guyout loops (that you tie the guy lines to) can be made of grosgrain ribbon - Walmart will have this too, if not in the color you want. The guyline can be anything - most 1/8 inch cord will work well. BPL sells some really nice spectra line, and you can find Kelty Triptease at most decent outdoor shops, online or local.
In my experience, the reinforcement patches are overkill, but others may disagree.