AWS Security Group Setup- Any luck scoping this down?

I'm planning on using AWS for the lab setup, but I'm not willing to create a Security Group that has all ports open to the world, even if a private key is needed to access the nodes.

Has anyone had success scoping the Security Group down to the specific ports/protocols needed? I'm wary of running into blockers throughout the course by trying to do this without knowing what is actually needed, but it seems like the kind of thing other people would be bothered by as well.