the way i see it, if you went ahead and did it, you might learn a lot more about building. Nothing really bad can happen if you decide to build it, so i say go for it. Yeah, you might get a lot of people saying its a dumb idea and its not worth the trouble, but who cares. I say go for it, try doing some new things (I personally wouldnt spend alot of money on the whole project).
maybe try making some of the parts yourself out cheap things you find layin around, itll get you more experience as a builder, and it might possibly get you a guitar worth playing every once and a while.