Hi Shane,
I think it's doable and forget what the doubters say. If at the end of the day it's a total dog, you wouldn't be out much cash and it would have been a great learning experience.
There's a website where a guy puts up plans for inflatables that you can build at home, but I can't find it at the moment, but I'll keep looking and see what comes up.
This link has a whole bunch of stuff on the theory of kite design and might give you a few pointers:
http://kitesurfingschool.org/kite.htmGood luck,
Gorilla
Edit: Just saw lostinlondon's post above and disagree that you would have to get new bladders. If you have a look at how the bladders are put in some kites, they are too long and the ends rolled up to get them to the right length. If the rolled up bit is too big, cut it shorter and seal the cut with an iron.
Building Frankenstein stuff is fun, but bear in mind that things can go wron, so be ready to bail at the first sign