I have made mineral eyeshadow. It's really nice, but a HUGE PITA to make. You have to grind the base with a mortar and pestle, then add the colorant (ultramarine or other powdered pigment) and then grind away again. It takes about an hour to grind it down to the right consistency (so it theoretically won't cake on your eyelids...which mine does anyhow sometimes) and find the right color mixture that you like. And that's just for one eyeshadow.
I took a course on how to make it and we made two eyeshadows and one mascara in about 2 hrs (LOVE the mascara, but don't have the ingredients and other stuff needed to make more). I figured, hey, I can do it faster at home...so I bought the premixed base (I can pull it out and list the ingredients if you want them) and the colorants and the cute little clamshell containers. I tried doing it at home and it STILL took me almost an hour for one eyeshadow. I was planning on making them for my Christmas craft sales, but the amount of time it takes to make one color just isn't worth it. I'll make it for myself and family, but not to sell. Oh, and not to mention that making two batches of the same color is **** near impossible! Even browns are hard to match up!!
That's just my experience.... :wink: