I just took possesion of a few acres in Fallbrook, CA. I finally have room to grow plenty of fig trees! I would like to take some cuttings from the fig tree that was once my grandmother's house in Laguna Beach, CA. That tree was originally planted from cuttings she brought back from Sicily just after World War II. Is it too late to make some cuttings this year?

No. Go for it. Even if is has started leafing out, just trim off the new growth and use the older wood from last year.

Fallbrook.  Hehe, I skated there as a kid, Tony Hawk used to live there (may still), and we used to skate his ramp+bowl combo when I was a teenager living in Poway.  He wasn't such a rockstar back then.