I have 2.5 acres here at my house made up of 2 1/4 acres of yard with about 1/4 acre wooded. The wooded piece had a lot of scrub brush so I cleared an area (leaving any real trees) that is about 30x40 yards in size. I limed it with pelletized lime in February while we still had snow so that the lime would dissolve with the snow melt. I then fertilized with 10-10-10 and had a friend disc it using their four wheeler and a small disc. Then I planted it with a normal spreader (walk behind) that you'd use to fertilize your yard. Its been 3-4 weeks since I planted it and it is growing unbelievably fast, particularly these last few nights since we have had rain and very warm nights (60s). I also planted a 10X30 yard strip of clover down the edge of my yard...it is growing well too.
Point being, it doesn't take much land to plant a decent little plot. Provided you can somehow break ground (disc, tiller, etc) you can build a plot by hand very easily as long as it is small and managable. I would guess I have about $75-100 tied up in my plot. If you have a place to plant and can clear a approx a .15-.25 acre or more I think it is worth the effort. I planted late last year and the deer hit my plot in late Nov/Dec. This spring the turkeys were in my plot strutting in April before I replanted so as far as I'm concerned it was definitely worth the effort.
Can't wait to see what happens this summer/fall. I doubled the size of the plot this spring (to the 30X40 size) and planted a couple different things (Biologic Maximum, Perennial Plus, and Clover Plus). Last year my plot was only 15x20 yards.
Good luck if you try it. If nothing else its a fun little hobby and the first time you see an animal in your plot it is very rewarding. My kids help me so its a great way for us to do just one more outdoor oriented thing together in the summer.
-Eric