You must really love to smith to take this on.  Depending on how much "Krag" you will be going for in this, the cost will certainly be significant when taking into account the  moderate cost of sport-a-rized Krags out there ready to shoot.  But you will be saving another Krag and it certainly sounds like you know what you are doing and enjoy it.  I say good luck and please let us know how it turns out.

Jack