Hi Thomas, if you are getting into MYOG projects here is an invaluable resource:
http://www.specialtyoutdoors.com/tips/sources.asp
Lots of links to materials and also good tips and info like the thru-hiker forums and articles. Everyone has a little different selection in fabric; OWFINC has EPIC and the light 20D nylon; Rockywoods has Paclite and EPIC; Thru-Hiker has Momentum, etc. Like others have mentioned, end use will dictate the best fabric. I find WPB bivies oppressive, and I only carry one on really light trips when I probably won't need shelter and probably won't have an appropriate site for a tarp pitch. My choice would either be Momentum or the 20D from OWFINC. You could also choose some of the seconds in 1.1 from OWFINC and treat it with a good DWR like Revivex.
As Lucas mentioned, use some cheap fabric so you can prototype. If you have some old bedsheets, you could use these to get an idea of the size you need. Don't skimp on the size on your final version; IMO it's better to have too much girth than too little with bivies. This is where most commercial bivies fail for me; they roll with me if my pad is inside, and my bag accumulates moisture with the floor up in the air.
Check out the recent article on laminating lightweight fabrics; I think glued-in patches would be ideal for adding pad straps to the floor of a bivy. Think about the footbox; make sure it's long and wide enough. This is a place some WPB might be really functional, kind of like the MLD bivies with an eVent foot. If you make the floor a bathtub, make sure it doesn't wrap too high or it will impede breathability. Check Thru-Hiker for zippers; AYCE has a good selection of #3, including Uretek #3 by the foot.