Cool! Firstly welcome to SES and a great first post. I've often though this is the way to do it and learn at the same time. With a £350 car you won't worry if anything goes wrong, but you could end up with a great car that you can look at and say 'I did that' 
I'll look forward to seeing it progress.
Steve
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10 Years of Scoobies:04 WRX SL, 06 HAWK STI, 97 JDM WRX STI WAGON, 05 WRX STI, MK3 FOCUS RS, now Porsche Cayman S
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