I've done the full weekend owner builder course at Holmesglen Tafe ( Victoria ) and even if there is no requirement to do one in WA I would still recommend that you do the course - even an interstate course if there is no suitable one locally( I think that the NSW course can be done by distance learning ). Of course some of the legislation requirements will be wrong but the other stuff will be the same wherever you are.
I certainly found that the course I did gave me plenty of food for thought about what I would be taking on. I am still thinking about it. But you can't have too much information.
I would suggest that if you are not a very organised person then you could get into strife because your role will be to co-ordinate EVERYTHING unless you employ someone to do it for you.
One of the main things I got out of the course was the fact that you cannot rely on the Building Inspectors to ensure that your house is built properly because it isn't THEIR job its YOUR job. While you pay a fee the Building Inspector is NOT working for you.
If you are subcontracting stuff out you will have to be familiar with how the job should be done to have any hope of spotting something that isn't done right, or pay someone to check it for you. Even with professional builders it is not unknown for the plumbing to be in the wrong place or the doors/window/walls to be in the wrong place. A colleague at work was having a house built for him by a big volume builder and the stuff ups were amazing.