My first pipe (made this year) was a block that I had looked at for a week or 2 to decide the shape that was waiting inside. I had the block drilled by Paul @ Pipe Makers Emporium. Then went after it with a Dremel, files, & sandpaper. When I was done, I used Fiebing's leather dye on it and rubbed it out with 0000 steel wool then carnuba wax using the dremel buff on the slowest speed.
(BTW - the pipe was pretty well broken in before it was even finished!
)Before I did anything, I looked at every web site I could where the pipe maker was kind enough to show pictures of their shops. I was especially looking at their work benches to see the "tools of the trade".
The best site I ran across was Tyler Lane's. Fantastic collection of HOW-TO's on pipe making. Great videos too! http://www.tylerlanepipes.com/index.php
Go for it! If you don't have the drill press (or lathe), get a pre-drilled block and go to town on it!