I'm currently contemplating on whether or not should I take a bold step forward and start creating my own reeds.

Just out of sheer curiosity, can I use fishing line as an alternative to the thread traditionally used?

Also, what should I have to look for while making and finishing off a reed? Especially from setting the cane on the staple and tying it and from thereon.

Fishing line NOT a good alternative.
You may use nylon thread.

Making a reed has two major procedures:
1) tying the cane to the stape
2) scraping and fine-tuning the reed

You can learn the two in parallel. But as a beginner in reed making, the skill to scrape the reeds with a knife will be very useful.

You can actually purchase some "blank reeds" from reed sellers to practice. Also, you ask for some threads (and other supplies) from them.

A provider I suggest is PerformanceReeds. (dot com). You can also contact their support email to ask for more information.

There is nothing necessarily wrong with using fishing line for tying reeds, but you cannot use the beeswax method, you will have to apply fingernail polish to seal the wraps.

I did this while in high school just for fun and it worked fine, but the fishing line is unforgiving, can break more easily, and tears your hands up. The end result is pretty cool, however, and the transparent fishing line lets you see the metal staple in the finished reed.

After a couple months, I got tired of all the problems associated with using fishing line and went back to nylon FF thread...give it a try, and after having some fun you will return to nylon as well...LOL