I personally believe that it would indeed be a valuable and instructive project. You may be interested to know that someone in ctt completed a somewhat similar project for LaTeX itself: except that it was easier for a ready made copy of source2e.pdf is already available off CTAN and in most modern distros. This guy, Tim Arnold, successfully had it professionally printed as a hardcopy version.

Anyway, wouldn't it be nice if CPAN offered a pdf rendering of pods on the fly too? (Of course I know nothing about possible inherent difficulties to implement such a functionality...)