Personally I am a bit surprised that we have not had more people working on other things first. Before you tackle a whole machine why not just start with the vise? Or perhaps a compound from a lathe? Or a rotary table or some other accessory? I feel those would make good learner projects rather than spending 100 hrs on a BP only to get frustrated half way through and stop before you get done. I am sure that wouldnt happen but it could right?
Like any acquired skill this will take some time and you can only learn so much by scraping a plate flat. But it would still seem like a good idea to me to try working on less expensive projects before trying to tackle an entire machine. I have a few things around the shop that are on my list of things to work on before I try my hand at a full machine rebuild. I have a small shaper that will be a good project for me to learn on. First the tool holder slide is stiff and needs to be redone anyway. Then the ram dovetails will be a good project, it is in good shape so very little work should be needed but I should be able to see the results right away and it isnt something that will keep me from doing other work while I do it. Then there is the box ways for the table slide. And of course why not just start with the flat face to face mount for the table and the outboard support.
These are all basic parts that you will find on larger machines, I can do it in steps at my schedule and as this is not a primary tool for my shop I wont be put out if I have trouble and screw it up.
Try and see if there isnt something you can try out your skills on first before you jump right in. At least that would by my advice and that is the direction I am working for.
Charles