Making might be cheaper but as you say time is important too. Buying the board and then making the figures to go on the board is certainly a better use of time.

I often will trace things during naptime and then cut out while watching tv later that night or even during freeplay the next day. Sometimes I give the kids the pieces as I cut them and they add them to the board such as leaves or flowers or birds. Other times I cut the things out and just set them aside sort of like teasing telling the kids we will use them later.

There are lots of ways to make figures too. I do a lot where I colour pictures I find and then glue them to sandpaper (#120). Also a quick way is to colour the pictures and then put peel and stick felt on the back which saves doing any gluing and you don't have to cover the whole thing so you can cut pieces to keep it economical. The advantage of the peel and stick is that if you laminate the figures the felt will still stick. You can use markers, fabric paints etc. to add details but if you use google eyes, etc. remember they should be circletime only felt sets and not left out for play.

It's more work but results are great is to find fabric with figures on it - a great way to make TV characters. Put heatnbond (use the ultrahold one). You iron the heatnbond to the back of the fabric, peel off the backing and then iron onto a piece of felt. That adheres the cotton fabric to the felt. Then when it is cool cut out. The possibilities are endless.

Feltboards are a great teaching tool.