This is the fly rod equivalent of a buzzbait.
Hook: 79580 (wet fly 4XL) 2 - 4
Tail: Marabou
Underbody: Closed cell foam (sheet)
Body: Rabbit fur (co-ordinate color to tail)
Axel housing: Leader crimp sleeve
Axel: Stainless steel wire
Paddles: strips from a 2L soft drink bottle
Thread: Monocord
There are several tricky parts to this fly, but keeping the dubbing out of the axel is probably the worst, so wrap it tightly and trim it close. If it gives too much trouble, use a different body material or skip the dubbing and use the foam as the body. This is a fast retrieve fly, so it won't matter very much what texture the body has. The same is true of the tail, though some play in the tail is important. A springy fiber with bulk is an alternative if marabou tangles too often.
Start with a full foundation, cement thoroughly. Wrap thread back to just in front of mid shank and tie crimp sleeve perpendicular to both the shank and the bend of the hook. Be certain to get this alignment exact, or the fly will be a flop. Tie in heavily, apply a wrap knot, and apply several layers of cement, allowing each to dry thoroughly. When done, wrap to the bend, tie in the tail, then wrap in the foam body. Don't compress too much, as floatation is important. Then return the thread to the the bend, apply dubbing to thread and wrap to the eye, making sure that the hair does not obscure the sleeve ends.
Cut the plastic strips to 70 - 80% the length of the shaft, and notch the long edges exactly in the middle. Take the stainless wire and wrap it around one of the strips and secure the end of the wire with a 3/4 turn as close to the strip as possible. It helps to use an excess length and remove the excess with pliers. Insert the wire into the sleeve and perform the same operation to the other strip, making sure that the strips lie perpendicular to each other. Balance is everything in this fly, so close doesn't cut it. Get it exact.
On the water, using a sufficiently heavy bug taper, cast the fly and allow the marabou to settle behind the fly, pulling it slightly to straighten it so that it won't interfere. Once aligned, take up the slack with the rod pointed at the fly, and make a noisy retrieve using the sweep of the rod. Take up the slack, aligning the marabou, and repeat, until the fly is close enough to easily pick up off the water.
This is obviously not the most carefree fly available. It's a pain to create, a chore to fish, but oh does it attract attention! Be ready for explosive, jarring hits, especially as the fly is being aligned for the next pull. One fish is all it takes to make the trouble worthwhile.