Agreed - don't give yourself a deadline. Also, be conscious of costs, but don't set a strict budget (things will go wrong and parts will have to be re-bought or re-made. Don't let it get you down).
I re-purposed a cabinet and playfield, which saved probably a year of work and shaved at least $1000 off the supply budget.
Most importantly, start with the end in mind. Before starting anything, visualize how you want the game to look, feel and sound. Write out lists and draw diagrams of how the game modes should work and progress. Sketch some artwork. Think about what you do and don't like on existing games.
Lastly, before you begin, identify people who can help with electrical and programming issues and with artwork and printing. I could not have made Queen without the P-ROC and MPF online forums.