If you want to do this go ahead and do it. I think that when you've completed such a project you'll be alot more knowledgeable having completed it than a good number of those who have warned against doing it.
I'd be willing to bet that whoever it was that built the very first metal lathe was also cautioned about this that or the other by knowledgeable well meaning folks. Where would we all be if that particular person or persons would have been talked out of it?
It's your choice to make, not ours. Just weight all the pros and the cons and do what you decide to do. You only live once.
HollowPoint