First, you have to have a goal in mind. Something clear, cut and center. Luckily, you got that part down. Second, do a little bit of planning. Try to sketch out the mod, put down some considerations, etc.
Third, do a bit of research on coding. There are a couple of TorqueScript Tutorials in the Modification Help section, so that shouldn't be too hard.
Fourth, try to find an Add-On similar to what you are trying to achieve. Not all Add-Ons need to be done completely from scratch, and code can be recycled from anything and anywhere.
Fifth, get yourself a working model with animations and stuff. Should be tutorials on how to model as well.
Sixth, start working. Combine everything, do a bit of code trimming, working back and forth on the mod until it's just the way you want it.
Seventh, make sure there aren't any bugs. I am a victim with these said mistakes, as I have 3 add-ons in the making and they still have damn bugs (~_~;). Beta test as much as possible!
Finally, you can release the mod. Make a good thread for it, and place a download link to the zipped file.
Although there are different ways to go about making mods, this has been my typical approach on the subject whenever an idea popped into my mind. You may follow it, or experiment for yourself.