I have started down the ACR (affordable custom rifle) path a few times and always found I could buy someone else's ACR that had lost it's shine to them much cheaper. Have a 700 in 6.5-06 in a Brown Precision with Shilen barrel that somebody decided wasn't custom enough for them.
That said I still find my self buying parts for the my next ACR run. But as SlickyBB said, I just buy them slowly over time as deals present themselves.
I say go for it. You might want to look at starting with a stainless Howa. Whole rifles were going for less than $400, sell the Hogue and barrel and you'd only have about $250 in the action. Plenty of aftermarket choices for stock, trigger, etc.
Good luck.
