It certainly can be done, even for high end stuff, especially if you buy well-cared for used parts. I bought a Chorus 10speed crank in great shape for $31 including shipping on ebay for the rebuild of my Pinarello. Total cost for a mix of new and used parts- about $750 (mostly ebay and craigslist).
- crank as above
- lightly used Fulcrum racing5 wheels (included tires with lots of life left): $200
- take-off Campy carbon Record 10sp rear derailleur (ebay)- $180 incl shipping
- Lightly used Chorus front derailleur- $40
- Lightly used Chorus cassette- $40
- nearly new chorus carbon brifters- about $150
- Record UN chain, campy cables, etc- another $75
- new Chorus brake calipers (pre-skeleton)- $65
I kept the headset, bars, stem, post and saddle, and hope to re-coup half of the costs selling the nearly mint condition NR vintage parts.