Pine teles are very cool! But as been said, don't skimp too much. As has been said, pine is usually the white SPF (Spruce/Pine/Fir) and while it's easy to work with, it won't make much of a guitar.
Ron Kirn makes his Barnbuster guitars from dismantled old (100+ years) barns, definitely a better material than a 2 X 4. But even an old 2 X 4 from a remodeled home is probably a much better piece of lumber than something from Home Depot, and could often be had for free! My buddy in Tokyo took his old workbench and glued-up a fantastic tele. I learned planing and honing technique on that bench, and to see it as a musical instrument now is a thing of beauty ... Nicks, dents, burns and all.
Will you carve the neck, too? If yes, look at some of the building forums for deals on maple stock. I just got a flamed maple blank from a buddy over in Louisiana for a great price. Just find "fatdaddypreacher" over at the MyLesPaul Luthier's Corner. (You might just find me there, too!
Best of luck, and be VERY careful with tools!