I went ahead and purchased the pattern for the puppet that I was planning on making. It wasn't too expensive, and I think I can get the materials for right around $25 or so.
From reading the instructions and looking at the pattern, I don't think it will be too difficult to do. I will probably be able to pull it off relatively easily.
I'll be hand sewing the seams on the first one since I don't have a sewing machine. If it ends up working out, I may try to make a few more and see if I can sell them on Ebay.
I have an idea for a character for this first one as well. He's going to have long hair, a bandanna, and a tie-dyed shirt. He's going to be a hippie!!!!!
Here are some of the puppets that were made by modifying the pattern that I got. I won't be modifying it at all for this first build, but who knows what I might do in the future.