I have the new Peg sharpener in and have been making some pegs. Basically, it's cheaper in the long run than buying pre-made pegs for our cutting stand. I went out to Home Depot, got four 1" dowels and had them cut down to size, so now we have 16 possible pegs.
It works like a big pencil sharpener essentially. Blank peg goes in one end and you turn while it planes away the edge. It took me about 15 minutes to do one peg and made my forearms pretty tired. It's an interesting exercise for your arms I think.
Anyway, I still have a bunch of more blanks to do, but that will be my students' job. Every person who has cut into a peg will certainly get to make a new one of their own, as penance.
I think the cost works out the same as buying new pre-made pegs cut to size from Woodall's workshop, but it allows us to make ones on the spot rather than waiting for shipping.