I've already completed such an edit. in fact the reason why I popped online tonight was to promote it. It's all done bar the final season (obviously I'm waiting for the DVD release)
I'm no saying this to piss on your bonfire. I wish you nothing but luck in your endeavour, but be warned....it will eat up up A LOT of hard drive space!
also, a quick check of my hard drive has revealed that my current episode count out of 53 (I've been a bit slack on exporting them from womble) = 49 GB!