How fun, and yes a big undertaking.
I have made 3 tied quilts to date, and have one more in progress, and a waiting list for son and sister (they each want one.)
I do not have a rotary cutting tool, probably would be a lot easier, but I use simple fabric scissors. The first quilt I made I used old ones, and when I got new ones what a difference! Here are the ones I have made for your reference. My grandmother used to make quilts this way and I love the rustic look of them, and the ease of them compared to quilting, tho I never tried it on a machine.
First quilt:
http://raigecreations.blogspot.com/2010/02/quilt-story.html
Second quilt:
http://raigecreations.blogspot.com/2010/03/quilt-story-2.html
Third quilt:
http://raigecreations.blogspot.com/2010/12/stages-of-my-little-girl...
As you read about my quilts, you may learn something about trial and error, a common theme in my quilt making. :)
I hope this helps. Let me know if you have any other questions, I will be glad to try to help you.