Now that it's completed, I will say that I learned a TON about shaping and polishing wood and there are a lot of things I will do differently in the future.
The pipe didn't turn out exactly as I expected but I'm still very happy with it and immensely proud of the result of my labor.
I can't wait to break it in, take it down to the bar, smoke with my mates, and discuss what's wrong with the world in an astute manner only possible when smoking a churchwarden.
Cost:
$32 - 4 blocks of briar (I still have 3 left)
$8 - 12 inch x 1/8 inch drill bit for stem
$18 - 3/4 inch S&D drill bit for bowl
$12 - various grit level sand paper
$1 - Nylon tube used for tenon
$? - Random uncolored-unscented candle used for waxing
$? - Cedar branch harvested from back yard
$? - Aluminum tube I found laying around. (used as ring around tenon)
(estimated 15 hours of work) * minimum wage = $140
Grand total: $200 +