It's the oak that'll kill you on the cheap factor, man. The words "oak" and "cheap" rarley appear in the same paragraph.
I've been seriously pondering (procrastinating?) about making a set for my '50 3100, but since my truck is used mostly for lugging things around, I don't know that i'll go with anything fancier than good ole pine with some polyurethane on it to protect it from the elements.