So, have you tried it yet? I started spinning with a homemade drop spindle a couple of years ago. I absolutely love it. An online friend sent me the drop spindle and sample roving. I searched around online and found instructions and videos showing the technique. Then I just practiced a lot until I caught on. Since then, I have graduated to better spindles and eventually to a spinning wheel. Now that is SO fun and addicting. I've been spinning skeins and skeins of yarn this past month. Too fun. Eventually I will have to stop and knit something.

My best advice is to start by using the "park and draft" method with the drop spindle. You spin your spindle until it builds up a bunch of twist in the fiber and then "park" the spindle in your lap and proceed to draft out the fibers (pulling gently on the loose fibers to stretch them and letting the twist travel up the fibers to make a twisted strand of yarn). Once you get the hang of the drafting process (that's the hardest part) then you can move on to trying to draft while the spindle is in motion.
I found this worked really well and eventually I got good enough that I could use the drop spindle well and had no problem coordinating the spinning and drafting. From there, it was a breeze to make the transition to the spinning wheel. I just sat down and went to work. Easy peasy.
I hope you've given it a try. If I can help any more, I'd love to try. Spinning is so much fun.