I used to tie my own flies for a while, lots of fun. That one doesn't look too hard either.
In the end, though, I started fly fishing for steelhead up near the Oregon coast, and all I needed was a big hook with some red yarn tied to it. I'd lose so many to snags that it was sad to see something that I'd spent time on (well, egg patterns aside) get snagged five feet out of reach on a branch.