and I thought expensive for what it is..basically a lightbox
That's not accurate. The Intrepid light source is an array of controllable RGB LEDs. Together with the controller, you can use this to adjust contrast/filtration and it also acts as a timer. It's much more than a simple light panel.
With the light panel the main challenges will be to make a light tight setup and to get even illumination across the print. In principle it should work. You still need to fudge with contrast filters and add a timer.
Intrepid's light source is evidently a far superior solution especially for black and white printing. For what it is, it's also not all that expensive taking into account the r&d that went into it. If you're good with electronics, you could build something similar. Many people have done this.
However, overall you're better off with a proper enlarger. The intrepid is a camera and not a particularly sturdy one. As an enlarger, it's a severely compromised/marginal solution and I'd only recommend it if you are extremely short on storage space and there's no way to keep an enlarger in the house somewhere.