A wood enclosed track in a wood gun is pretty straightforward- you just cut the track with a straight router for the neck and follow with a ball cutter. If you go that route I would recommend installing an 8" or so piece of delrin at the muzzle to protect the muzzle if you drop the gun or shoot too close. I make the muzzle guards with a dovetail but being a carpenter you could make one yourself easily enough.
If you go with a full length track I would highly recommend a delrin over the uhmw track because of it's machinability. UHMW can be machined with sharp tools, true enough, but try to sand, file, or steel wool it and you'll quickly see why I recommend the delrin. The full length delrin track is just a longer version of the muzzle guard. You cut a dovetail in the wood, cut the delrin in a matching dovetail, install it, then cut the track. After the track is cut you put a #4 screw recessed in the track near the trigger mech to hold it (one end only!) and you're done. You can leave it a little proud if you're shooting metal wishbones, or make it flush with the top.
There is one other option you didn't mention. You can make the track out of g10, which is a resin enclosed fiberglas. While it's a little heavier than delrin, the advantage is that it can be epoxied into the wood. This means you can cut a square slot instead of a dovetail, and just glue the square g10 bar in the slot. You can route and machine it like delrin, although carbide tipped bits need to be used unless you just like to resharpen bits.
Hope this helps. There are a lot of other ways, I'm sure, and differrences of opinion on delrin vs UHMW. I've worked quite a bit with the delrin, and I know it works. The g10 is really easy, however, and being able to glue it makes it that much easier.
Whatever you use, I would open the last 3" or so at the muzzle to an open track to make loading the shaft easier.
As you will find out, building a custom speargun becomes a very personal thing, so listen to it all, then build what YOU want to shoot.