Once you have a rough figure add 10% for your prototype lumber. Poplar is a good choice around here as it is inexpensive and stable. Keep track of your actual parts requirements and this will allow you to be selective for your "show" material.
The actual amount of spoil has so many variables. For a pecan piece I was after the more 'salmon' colored portions so the spoil volume gets pretty high.
Kit-Hut-(108).jpg . Kit-Hut-(109).jpg
The pale portions are not waste however. They are used for drawer parts, internal framing and so forth. Your prototype will yield lots of good data prior to shopping for your "keeper" stock.
"A hen is only an egg's way of making another egg".
– Samuel Butler