Blood worms are a kind of mosquito larvae, so unless you want to keep a pond with live mosquitos buzzing around, its probably better to buy them frozen, freeze-dried or live from a reliable supplier.
I have actually found that trying to breed any feeder creature is quite difficult. I think someone else started a topic on this somewhere on the forum. Breeding guppies for feeder fish is quite rewarding though.
I would be interested in learning what you deceide to do and how successful your project turns out to be. Fish so love live foods but they are become expensive if you have many fish and require frequent trips to the lfs to restock.
i will probly try to breed brine shrimp because i have my g/fs dad to help me along have to wait till i get my big tank tho so ill post and new topic when i start