It would be a really interesting project but you just have to look at the number of start up search engines that are around and making no headway. The financial cost is high, the volume of data is mind blowing and you need very skilled people to work out where to start. The size of web applications now is so massive compared to anything most people have any experiance of. For example Facebook use a 100 machine cluster just for processing the log files, Yahoo uses a 10,000 core cluster for (the equivalent of) page rank calculation. Services like Amazon EC2(servers by the hour) and S3(storage by the GB) make it a little easier to compete, but Amazon is slowly making itself into a very powerful company and who says they will be any better than Google.
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, but the site has had a conversion rate of over 50%, so obviously the general public find it relevant and useful, which is supposedly what Google wanted.
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