I did the fredly home-made wooden fenders, too. Since I have a table saw and a planer, it was no prob getting the three thicknesses down to a very bendable 3/32 or so. (no steam needed) Twelve small clamps, waterproof woodglue and an old 27" rim to bend it around. Leave it on a day or so and the fender springs back just enough so there is clearance for the tire. Was pretty easy. Cut to width, sand and varnish and voila, all that's left is to fabricate a mount.

You'll notice my fender stays are wood, too. Not as tough and fixable as metal, but with the mounting ends treated with clear epoxy glue, they are tougher than you'd think. Also, $3 for a dowel and a few screws beats the hell out $18 for fender hardware from velo orange, in my book.

There are lots of DIY wood fender tips available online for anyone who wants more details.

(click for more largeness)