I think "component club maker" is a misnomer. Most of the irons that are produced by the name brands are actually components coming from the same casting companies. CoastCast comes to mind. I worked for Acushnet for a number of years and often we would find other brands in the same box of heads. Even Cameron Putters are sent out to various vendors during the process. I managed a data base that tracked the wherabouts of the heads. The club plant for Titleist merely assembled them. Now the custom players forged irons were hand ground or at least finishing touches. Some of those guys were real artists and could put a tolerance on a blade just by eyeballing it.
Way back when I was doing a little club assembly on my own, I put one together like that, Golf Works was selling finished Powerbilt Citation heads, and I used an Aldila shaft, may have even hand-wrapped a leather grip. It worked pretty well for a while. I think I traded it for a couple of tickets and a party bus ride to a Jimmy Buffett show.