Hi.
It's stupid and You most definately
should do it.
Since Your sex is ??? and there's no age listed, I'd make a guess that you're a teenage male

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If that's true, Your woodshop class teacher will be able to help you. If You're older there's bound to be community woodshop classes for adults, go there.
Making an (solid body) instrument has more to do with general woodworking than luthiery. Having some woodworking skills and guidance will get You through the project and you'll have an instrument that you can be proud of.
As for the wood, almost any wood can, and has been, used in instrument making so there's just the cost and ease of working with specific species to choose from. Again any woodworker or a lumberyard guy will be able to help you with that. More money won't generally buy you "better" wood, but prettier to the eye.
You won't usually save any money when making things Yourself, especially at the first try, but the best things in life aren't measured with money. IMHO of course

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Regards
Sam