Something to remember with scratchbuilding...don't look at the overall model...it'll discourage you...look at each component of the model in it's basic form...and if you have to, break those components into basic shapes...a funnel a cylinder, a deckhouse a box, etc...chances are, if you can't break a part down into basic shapes, then there's a commercial fitting out there you can use, anchors, davits, cleats, bollards, bitts, liferafts, guns, etc...
If you do the hull, here's some advice...you can use the bread-and-butter method of shaping the hull from wood, or...you can use my method of doing a hull.
Cut your frames from plastic and lay them to a keel strip (like you were going to plank it). Once you have the frames in place, plank the hull with blue painter's tape (3m masking tape). Make sure the hull is sealed up and has no holes...start filling the hull compartments with resin, be sure not to pour too much too fast, as it does release heat that can warp or even melt the plastic frames. Once the hull is filled with resin and it's had a chance to cure, remove the masking tape. Sand the hull, and when the plastic from the frames begins to show through the resin, you've got the proper shape.
Flat sand the deck (if appropriate) and laminate a plastic scribed sheet of grooved plastic if you're doing a wood deck...or...laminate strips of wood to the deck. Then build your ship from there.... it sounds complex, but I was able to do a destroyer hull in 1/192 in about 2-3 hours. It actually took longer to sand the hull, but the results are superb.
I would suggest going to www.digitalnavy.com and downloading one of their free kits, and using that as a template. They actually have a model of V108 online. It's small enough that it can classified as an 'experiment' with minimal expense.
Jeff