I think the others have covered it pretty well, I'll just add another vote from another guy with a well equipped shop that it's not going to go as you expect it to. The biggest problem I think you'll have is that "you don't know what you don't know". Or in other words, until you've actually handled jobs milling at least several hundred board feet of lumber at a time, you really don't have a grasp on what it entails.

I would say if you want to buy the equipment for other uses anyway, and are really gung-ho on it, then start small. Pick the smallest room possible, maybe a couple hundred sq. ft.. Run that room through beginning to end and you'll start to get a handle on what's involved. Anything can be done if a person has enough drive to do it, but that doesn't necessarily mean it's worth doing.

good luck,
JeffD