its perfectly legal to make your own suppressor on a form 1. Main things to consider are...
You need to know your design well enough in advance to fill out form 1.. length is asked for on the Form 1.
You CANNOT under any circumstances, manufacture a baffle or other suppressor-specific item until the Form 1 is approved. Most people recommend that the tube isn't even cut to length until then.
You will need to have your can engraved to the standard firearm engraving specifications (laser engraving on round tube is probably easiest)
Once you get your stamp, you have approval to build 1, and only 1 suppressor.. This is not an experimental license (Like SOT's get for R&D), once you assemble it the first time, that is your suppressor..
You can expect about a 6 month wait on th eform 1 now, don't forget to include your statement of origin, or some other similarly named supporting document, since you are first-time form 1 builder..
Go to SilencerTalk and review the Silencersmithing forum, there's TONS of information there.
SC