Do it!

I'm always surprised how fast they come together once I start ... although I make the kind that you can just recycle or cut up to make another one... black matboard or foamcore or tins. I don't think I've ever spent more than a couple hours making one. The 8x10 negatives are awesome.
Oh and by the way bryans_tx... I know there are a lot of people who think a pinhole has to be perfectly round and perfectly razor-edged and everything else you read. But if you make any hole of any kind and it's close to the right size, you'll get an image, and some of them have character. I've made pinholes using 3 and 4 razor-blade edges that were triangles and squares and they make acceptable photos.
The only place on your negative where the pinhole is a circle is dead center. Everywhere else it's an ellipse. I have an unproven speculation that blurriness due to diffraction looks a little different than blurriness due to geometry, and that how they combine gives image some character... if you make a "squinty" pinhole on purpose, and then make a photo in a forest with tree trunks...and then tip the camera on it's side and do it again, it is very interesting how different the two pictures look!