Mags,
I'll let the boys who deal with smaller baits answer the where to buy certain woods questions, but in general your wood stock should be slightly oversized from the finished bait dimensions.
A bandsaw is a great tool and so is a belt/disc sander. I have those plus a router, table saw, lathe and so on.
Here's some links to some free documents that you should print/download...
1. General lure making book about 70 pages long
http://www.luremaking.com/catalogue/download_guide.htm
2. Variety of subject specific (including crankbaits) downloads
http://www.luremaking.com/catalogue/download_tips.htm
Read those two documents and you'll find lots of ways to make crankbaits. You can use carving knives, a sander (by hand or electric), routers and many other tools to shape your baits - your imagination is your only limit.
A word of caution though - read and follow the manufacturers instructions for using power tools - some can be very nasty and cause serious, permanent injury or worse. Come back and ask or feel free to PM me for specifics with particular machines.