This is not the definitive version, but it gives a more concrete idea of how it will work.
On the first screen, you see on the left the list of items that the crafter can create. Items for which you don't have the necessary components are disabled. The right side show the part of your inventory relevant to the current item. As you can see, each item has a list of mandatory components and some optional ones.
After selecting an item with ENTER, you can choose which components you want to use. Each time you add a new component, the properties of the resulting item are updated.