I am not familiar with Cabela's blanks per se; however, for a first time build, I would highly recommend an inexpensive kit from Hook and Hackle -- where all the components are included and very acceptable quality. I think you can get into a kit for well under $100.00.
YOu may need to pick up a couple of items such as Epoxy, etc if they are not included in the kit.
For sure, read the graphite rod building section on this web site written by Al Campbell -- it will tell you everything you really need to know. Reading what others have to say and posting questions to this BB will also be helpful.
The first rod probably won't be ideal; however, it will be acceptable. In my experience, I thought my first rod was good until I finished my second, third, etc and went back and looked at the first. Each on gets better as I learn what to do and not do and how to work with the materials.
The bottom line is that this should be fun and enjoyable -- if it ain't perfect. so what. Remember, it is a tool to throw line and flies.
I would also suggest that if you know someone else who builds rods, to borrow some equipment to use when turning the rod while applying epoxy. Trying to keep it turning by hand while it sets up is next to impossible.