great idea - might be more expensive (especially if tooling up is a part of process) - but you'll start getting to know your way around a bike - to me - you can save alot on parts but going cheap - and by cheap i dont mean rusty malfunctioning components - i mean no campy or worrying about period correctness - cruise ebay

you need a frame of course
and the appropriate bottom bracket and crank componentry
headset bars brakes shifters
wheelset
tires
tubes
tape
cables

ok - a little overwhelming sure
at first
but go for it