I don't mind a wooden rack, most of the big lifts of the 50's - mid 60's were probably done in them. Guys like Todd, Anderson, and Peoples. I think most lifters have got a bit too safety nazi and girlish about racks, and all the stuff they hang off of them.
That being said, as mentioned, by the time you gather up all the materials needed, you're probably in the range of a decent used steel one. And if you count in labor, you'd at least be in the range of a new Rogue or budget Elitefts one. What made sense decades ago, just doesn't now for most people. China, Craigslist, and Crossfit killed the wooden rack market.