I have been a professional violin maker/restorer (Luthier)for over 20 years, and Jeremy gave the best combination of concise yet useful and accurate information.
Carving a bridge is actually very technically demanding. Full time repair people get fast at fitting them through repetition, but it is a surprisingly difficult and demanding part of violin making.
A violin making student will typically spend several days trying to fit the first usable (student quality) bridge he/she carves.
I'm sorry to rain on the parade of the violin enthusiast, but carving a usable bridge without specific tools, skill sets and templates is more like playing the lottery than violin repair. With real luck, you might get it "kind of right", but real playability and tonal focus is something rarely accomplished "at home".
Fitting the feet with sandpaper, while a clever trick, is nonetheless inaccurate. The bridge must rest at a specific angle, and that is obtainable with sandpaper, a moving brace, and skill.
Professional makers fit bridges with (extremely sharp) knives and chisels. We typically use machinist rulers, calipers and dividers for checking angles, spacing and measurements.
Qualified repair people have complete sets of templates to make sure the curves (primarily at the crown of the bridge) are correct. Guesswork is not (even remotely) acceptable on this point in any reasonably good shop.
This is all my opinion, but it has come through over 20 years of helping players correct violin related problems.
Michael
February 2009