I made the stock for this 45LC/454 Casull break action last Winter (except the checkering which I had a pro do). I started with rough walnut blanks. I had no woodworking experience.
I used a pinewood derby car kit, chisel, dremmel and these (most important):
http://www.finewoodworking.com/pages/w00007.asp Woodworking cards - about $16 on ebay and the best tool. I also followed the best advice I was given - go slow, ponder often.
Minwax stain, Birchwood Casey Tru-oil stock finishing kit (excellent instructions). If you have an existing stock, you are in great shape because you can take measurements (remove small amounts of wood, check, repeat). If not, it takes longer.
I suggest walnut. Maple is really nice but harder to work with. Birch isn't worth the effort. There are checkering kits out there, I just wasn't brave enough to try.
I'm about to start a new project on a single shot 30-30 in walnut.
Rough cut it with electrics and dremmel, then get out the files, cards and sandpaper. For walnut, Minwax "special walnut" was great. Go slowly.