Golfsmith is good advice. I just took their 1/2 day club building class at one of their stores (free if you sign up for their player rewards program.) It was a 4 hour class. The first three hours was on club fitting. The differences between equipment, how it works together, and how to pick the right heads, shafts, and grips for people. The last hour we put together a sand wedge, which they let me take home (a snake eyes viper, $30 bucks on their web site.)
They also give you promotional code that is good for 15% off of club building supplies (heads, shafts, etc...) for 30 days.
Turned out the guy giving the class had retired 9 years ago from the company I had worked for, and had taken the club repair/building job at Golfsmith as a retirement job so he could stay busy at something he enjoyed.
This guy has worked on just about every brand, and according to him Mizuno is far and away the best quality club from a manufacturing stand point (he even uses Mizuno clubs to double check the calibration on his lie/loft machine, their quality tolerances are that tight.) There is a big gap in quality after Mizuno. According to him, Golfsmith's high end components are as good or better quality wise than any name brand club (save Mizuno.)
The point is, when I ran the numbers (buying components that are already on sale, using my 15% discount, and putting the clubs together myself) I figured for about $350-$400 I could put together a full set of clubs that quality wise would be equivalent to a full set of Pings or Callaways (which new would run you a grand or more.) Now they aren't going to have much resale value, but the savings up front make up for that (imho.)
Plus, because you are picking the components separatly (heads, shafts, grips) you end up with a set that is more customized for you.
The shafts and grips you would get through Golfsmith are the same brands name brand clubs are made with (UST, Wynn, etc...) so the only question is are the heads of equal quality. From what my friend said (who works on both Golfsmith and name brand clubs) they are.
If nothing else, take that free clubmaking class. It's free, you learn a lot, and they give you a club!