One thing that makes shop-made dies difficult perhaps to the impractical point is the back relief. The cutting edge is really the only part of the thread profile that touches the part being threaded. Each short section of thread of the die is ground in such a way that there is some taper in it. If you have a simple round thread, with holes cut in it to form the edges, you won't have any relief and that part of the thread form in the die will only rub or drag on the thread as they are being cut. Not all of the die threads touch the workpiece. Just the cutting edges. That's one reason factory dies have a "start from this side" marking. They aren't designed and don't cut well or at all if you try to run them on backwards. They just rub.