Texfly -

YES!! Do it!

I've got 3 different "old" bamboo rods in various stages of refinishing/refurbishing. The first rod was a South Bend 359-9 that had some issues with the butt section so I'm making that into a banty. My 2nd is a Horrocks-Ibbotson that appears to be sound but needs some cosmetics; haven't started working on this one yet. The 3rd is an old Crown japanese-made rod which I've fished a couple times now. Throws a 5wt DT line pretty nice.

All purchased cheaply for the exact same reason you mention - just wanted to get my feet wet with bamboo but didn't want the expense. However keep in mind there WILL be expenses although you can control it somewhat. You can decide whether you want to go with the "good" hardware i.e. nickel guides and ferrules, fancy wood reel seats, etc. or keep your costs down and go with cheaper hardware. You may also have to pick up some different supplies like varnish, silk thread, etc. but again, that's your choice.

None of my rods will win any awards but every fish I've caught so far hasn't seemed to mind.