It really depends on how serious a set of undies you need. If you need a pair that will perform on the level of Weezle Extremes or Thinsulate 400, for really cold water, you are probably out of luck - it's hard to find the right grades of material in small quantity, and if you try to substitute materials you can spend a fair bit of money, without producing a really usable suit since many insulators don't hold up well to the compression dive undies experience.
If you need a light to medium duty set, however, the prospects are much better since, for some reason, the suitable grades of polarfleece material are easy to find and much easier to sew into a usable set of undies.
Cheaper too. You can sometimes find seconds of polartec material cheaply, and if you don't care about color, you can even buy leftover bits by the pound for even less.
Put that together with someone who enjoys sewing, and is willing to do it just for fun, and a $20 set of drysuit undies becomes a real possibility.