I've been looking at buying a beading tool for awhile and read a dozen or so articles about how to make my own and since Lee Valley isn't offering a free shipping event right now and I have to wait for more wood to be delivered I figured I might as well give it a shot.
It only took me two nights. I bought a couple chainsaw files and a big pair of snips and cut a rectangle off the end of an old handsaw blade. I polished that bit of metal on my sharpening stones to a mirror and cut the half-circles in a few seconds. I need slip stones to hone the curvy parts but even with my rough attempt with rolled up sandpaper it does a pretty nice job. :-)
This is based on the one Garrett Hack used in his video.
I tapped 1/4" screw threads into the block of wood to pinch the blade in place.