That would be a good enough excuse for getting the General International 75-075M1, tilting head, angleable fence and XY table - if you're a tool junky and no SWMBO to bitch about the price.
You can make something that works out of ply or MDF - but you'll probably overlook a key capability and have to modify it or make an add on. Usually end up with something that sort of works - for one specific task, or maybe a couple. And when it's not in use you have to find a place to store it. If you don't make, and keep notes on how to use it the next time you go to use it there'll be a learning curve to get over before yo get to making "the real thing".
Then there's the Trend M& T Jig. Very easy and versatile for mortises, not quite as easy for tenons. So simplify things and go with "loose tenons" and just use the mortising process. Oh, and get a couple of extra clamps - they come in handy.
charlie b