Richard,
Sounds like a great idea to me. In fact, my current 4x10 camera is a similar hybrid - only instead of a Sinar, I used an ARCA-SWISS F-Line as my base platform. I really like the ARCA-SWISS cameras and their modular design makes them a great starting point for DIY projects like this. Unlike you, I'm not a skilled woodworker (I tinker and have made a few nice pieces, but leave the tough stuff to those with better skills and a more well equipped shop). Rather than make my own back, I used a 4x10 back and bellows made by Lotus. Here's a pic of my
4x10 Swiss-Lotus.
While Sinar equipment was once very expensive, it's selling for pennies on the dollar on eBay these days as a lot of the high volume product shooters have switched to digital (see, there is something good about digital - it makes really good LF gear affordable for us mere mortals). If you don't already own one, you should be able to get a Sinar cheap off eBay to serve as your base platform.
Given the scarcity and high price of used ULF cameras, I'm surprised more people haven't taken this route. Most of the old Koronas that end up on eBay are pretty beat. The focusing rails are often in pretty bad shape, and weren't all that rigid when new 80 years ago. Rigidity and smooth focusing seem to be the major problems with these older cameras. A solid Sinar (or ARCA-SWISS, or Toyo, or Linhof, or Cambo, etc.) monorail as a base easily solves both problems - and if you use the front standard and rear function carrier from your "donor" monorail, you also get more extensive movements that are more precise and easier to operate. It requires a little bit of work (but less than rebuilding a beat up Korona) and you get the economy of an older ULF camera, but with rigidity, precision and ease of use of a modern high-end monorail.
If you end up building one, please let us know how it turns out and post some photos (both of the camera and taken with the camera).
Kerry