OK, utah... sorry it took so long for me to get back to ya.
First things first. Any and all help you need on this subject can be obtained in the trad forum; anything at all I've learned about this has come from there. There's some really great people ready, willing and able to lend you a hand there.
I cap my arrows with some cheap,basic Wal-Mart spray gloss white enamel; it sellsfor like .97 cents a can. I use masking tape and newspaper to cover the top of my arrows, and give them 2-3 good coats, letting them dry overnight. I don't think I really had to do any prep work at all the first time (the arrows were Gold Tip Hunter XTs), but I redid them just this past month as I had taken about 20 deer with the same six or seven arrows, and refletched several times because of pass-throughs. I just wanted to freshen them up a bit.
Then, I use my home-made cresting machine I made for $11 -- which I obtained plans for on the internet. Here's the link to the plans:
http://www.stickbow.com/stickbow/arrowbuilding/cresting.htmlIt works absolutely fabulous, and the only cost involved is the cost of the sewing-machine motor ($5, used from a local repair shop), and I eventually ordered an arrow chuck from a retailer to hold the arrows securely while I was cresting them for $6.
Here's a pic of mine:
I crest using Testor's modeling paint, and you can feel free to experiment all you want with patterns and designs. After all, it's now basically free to do as many as you want! Some of the best advice someone gave me was to buy an ultra-thin brush and put a tiny black stripe between the bands of colors on the cresting to tidy it up; it makes it look a lot more "polished."
After that, I let it set overnight again (yes, now we have a two-day process) and fletch with Duco glue. It comes in a green tube, and can be bought in the hardware department at your local Wal-Mart.
Here's the finished product:
Feel free to ask any questions if you need added detail or further clarification.