I have a non primitive solution that I've been using whilst I try to find a cheap local source of feathers: clear packing tape. I had a bunch of rolls I got for free from work, and it works slicker than I thought it would. The tape's about 1 7/8" wide. I started off doing 2 vane fletches. I'd lay one piece of tape on the shaft, rotate the shaft 180 degrees and apply another piece. They stick together, and to the shaft. Cut to shape, trim up, and bang, done.
I then made a very simple jig, with 2 block of wood set at a 120 degree angle to eachother, and more wood on the end with holes drilled to hold the arrow. I put the shaft through the holes, and put a 1" by 4" piece of paper resting on the block on either side of the shaft. Apply one piece of tape that hits the shaft in the center, and just about covers each piece of paper. take out, rotate 120 degrees, repeat, and once more, and bang, 3 vaned fletch for a cost of about zero, no glue or fletching tape needed.
I thought this would only hold up for a couple shots, but the fletching lasts longer than the arrows; I either break the arrow when I shoot something hard, or lose it in the bush.
Riley's cheap fletching method mark 3 will involve making a simple die cutter so I can cut nice parabolic profiles on my cheapie vanes; also, I plan on making a pivoting cut through a couple pieces of wood so that I'll be able to automatically work in a 5 degree offset.
I'll post pictures of what I've got if I can ever find my camera. cheers!