From one Jan to another--do it. I've been quilting on and off for a number of years--self taught. I'm doing the FWS here on QB with templates and can't believe how much I've learned. My piecing is so much more accurate, I can look back at the first few FWS blocks I made and see a definite improvement. I learned more about color and contrast watching what the others in the group used. Plus-and this is a huge plus: encouragement. This is not an easy or a quick project--you're not doing a D9P. It would have been very easy to toss this one in the UFO pile. At one point I was ready to just make 100 potholders. You will learn something from each club meeting; at least go to a few and see if this is something you want to follow through on. If not, you can make a bunch of potholders!
CK's got some good advice too. Good luck!
As for notions, I used cardboard to make my templates. I didn't buy any new notions for this project.