Ike, I know some guys release birds at 5 weeks which results in 'wilder' birds but high mortality rates by the time hunting season starts. Others release them just before season or even in season. We've done a combination of release times with most of them in late September/early October, we also tried to hold some through the winter to release in early spring to then nest and hatch naturally, but unfortunately someone stole them out of my pen!
Mixedbag, I'm not sure I want to tally up all the costs or I'd probably quit raising them and for sure don't tell my wife or I'll be the one being hunted. The birds came from elkhornfarms.com at a delivered cost of I think $1.26/chick. The pen can be expensive, we were lucky in that we had some buildings at our old cattle feedlot that work good, the netting for the flight pen we got from pacificnettingproducts.com and then of course you need heat lamps, feeders and waterers to get them going. The chicks at first have to be warm, we keep the shed at 90-93 degrees to start and then slowly start bringing it down. It's definitely work to do it all but I think it was a great project for my son (about the only school project he did ahead of schedule) and it has made some difference in the number of pheasants we see all year.