I've had the exact same ideas kicking around my head and asked similar questions here last year in
this thread, but due to lack of time and money I haven't been able to experiment with it. I'm also in the process of building a full-size bandmill, so it would be kinda redundant.
Are you hoping to end up with a handheld wood-cutting saw like the RipSaw, or are you considering using the components to build a more stationary-type carriage mill? Either way, I'd have to say personally that most of the components in those handheld metal saws would be too small and under-engineered for milling use. For instance, most of them use a 6" bandwheel. This isn't a huge deal for fine-toothed and narrow-set metal-cutting blades, but the small-diameter wheels put a lot of extra stress on heavier, coarse-tooth blades as the metal is continually bent around the tight diameter of the wheel. As others pointed out in my thread above, even the 10" RipSaw wheels require special high-grade Silicon blades; others break too easily.
Then there's the issue of powering it. The stock electric motor would be ridiculously underpowered. You'd probably want at least a 3HP to cut decent lumber at a good speed. And if you were to use a chainsaw engine, you have to figure out a way of transferring that power to the bandwheels, while getting the necessary gear/pulley reduction to fit in a compact package so it's practical in terms of size and weight. This was my main hangup, along with figuring out a fairly simple wheel tensioning and tracking system.
I think it can totally be done if you have the necessary tools and experience; you might end up having to machine a few custom parts to make it work. However as a parts source, I'd be more inclined to suggest one of those little 9-10" benchtop bandsaws.