JQ,
I'm just starting the planning stage but I think the general model is to make some percentage of aged whiskey and some percentage of unaged spirits (usually gin or vodka) for the first few years. Those percentages depend on your business plan as a whole. Personally I plan to start small enough that I can wait it out if I need to.
That said, I don't think crafting an unaged spirit is the same as producing "low-quality hooch". Vodka can be a great product if you have the plates to get to 190 proof (otherwise it ain't vodka per the TTB) and I've had some really nice white whiskeys over the years.
Just my opinion, YMMV =)
Regards, Rich