OK, first off, this isn't my design, so, if you are the one who came up with this bit of genius, please let yourself be known so I can give you credit...
I saw this online in one of my searches, and, after having ALREADY spent $350 bucks for the Lee Valley Dowel Maker (which doesn't work for crap by the way), I decided to give it a try.
FIRST AND FOREMOST, find out what kind of music that your bows like. Until you do this, your bows and arrows will resist proper construction. Mine happen to like blues... When you find what they like, play it LOUD... bows and arrows are a little deaf from all those people who suspiciously "knock on wood."
1) Start with a 2 inch by 2 inch by about 8 inch block of hardwood. I had a piece of purpleheart lying around, so I used that.
2) You'll need to first drill (2) concentric holes halfway through the block. The first needs to be a 23/32" (18mm) hole that will allow a 1/2" piece of square stock to enter the "feed" side of the jig. This hole needs to be drilled with a forstner bit. The other size of the concentric holes needs to be whatever your finished arrow size is going to be. i.e. 5/16", 11/32", and 23/64".
3)Now, drill a clearance hole halfway through the bottom of the jig to meet where the two concentric holes have been drilled - this is for a straight router bit. The hole I drilled was 5/8".
4)Drill a couple of mounting holes and attach it to some kind of contrivance to attach it to your router table
5)You'll need a 1/2" square socket for your drill to hold your 1/2" square stock
6)Spin the square stock with the drill quickly, but feed it into the jig slowly. If your arrows are coming out slightly burnished, then you've got everything adjusted properly.
7)Laugh at all those poor saps (like me) who wasted hundreds of dollars on jigs that don't work, and you've built this one out of scrap.