JSMCustoms:
Good for you! Off-trail hiking is wonderful fun. My wife and I do tons of it. It's vastly more rewarding than hiking along an established trial. You never know what you will find, but you will invariably find something great and interesting. And of course, it's the way to significantly improve your navigation skills.
There's been plenty of good advice given so far, most importantly letting someone know where you will be going, but be sure to tell the person what time you will call them to let them know you're back safe and to choose someone who will, absolutely and without fail, call for help on your behalf if you don't call them when you said you would. It's a sacred trust.
Another important consideration is to plan for spending a night in the woods. You might get disoriented or sprain an ankle and once you start to lose daylight, it's usually safer to stay put in a safe place until morning. So bring just enough gear to keep you warm, dry and hydrated through a cold wet night, no matter what the forecast calls for.
Regarding such things as flagging tape: that doesn't work as well as people imagine, unless you use a lot of it. You want to rely upon proper orienteering skills (map and compass work), solar navigation, reading the landscape, terrain recall and recognition. A flagged route is fine, until you can't find one and start going the wrong way. You shouldn't rely on that. It will also greatly slow your travel and litter the woods unless you go back the way you came (you might not want to). Most of the time, you will discover that you should have made different route decisions based on terrain obstacles anyway. And don't use toilet paper to blaze a trail. It's not a very easy mark to spot because it's seldom a salient enough color, won't stay where you put it, and it absolutely does not dissolve after the first rain. It's not cotton candy. Toilet paper, when wet, globs up, then hardens when it dries and leaves unsightly "white roses" all over. It won't hurt anything, but the woods will look like someone relieved himself all over the place. Contrary to what people think, toilet paper takes a long, long time to dissolve away (think paper spit balls).
My last suggestion would be, be modest in how far you think you'll get. Off-trail hiking is much more strenuous and slow-going. The risk of mechanical injury is greater, and it will leave you thirstier, more hungry and tired for the same amount of time spent out there compared to a trail hike. It will make you appreciate the advantages of trails. Also, off-trail hiking through bush can also feel quite claustrophobic until you get used to it. Not everyone likes it in dense bush, but for those who do, it's very rewarding because offers a much greater sense of exploration and discovery.
EDIT: Here's a couple of videos my wife and I made of some off-trail hiking and camping trips which will give you a sense of what it's like.
[video=youtube_share;rTVe3Wsg9M0]http://youtu.be/rTVe3Wsg9M0[/video]
[video=youtube_share;LZo5pq9viqI]http://youtu.be/LZo5pq9viqI[/video]
Have fun and be careful.
Hope this helps,
- Martin