depends on what you consider a huge project...seriously.
If you have other bikes to ride, you might just want to go with the flow, and make it nekid...
The cost is minimal, but the time is a thing relative to the outcome...fast and dirty yields...well, fast and dirty, but if you own the bike free and clear, whatcha got to loose?
You can sell it wrecked for as much as you think you'll get for pieces parts, maybe even more when you decide how much of a p.i.t.a it is to sell off parts, and at that point you have no choice but to ditch a bunch of parts because it ain't a "bike" any longer.
I've played that one before, and it takes wayyyyyyy more time and effort, and money inititally, to disassemble and sell the bike in pieces. don't make the mistake, I'm telling you so you don't loose money, time, and value, something that you won't realize till it's done the hard way.
You can make a Nekid bike for cheap or for a bundle, I did one with a realllly bad starter bike, and came out with a nice and original toy.....total cost? around $3k, but then the starter bike was a p.o.s.
here, this is how it went:
start
http://rides.webshots.com/album/197545285ZPOTXAfinish
http://rides.webshots.com/album/410563888cylQwcbuild time...mmmmm 90 days tops, but I have a full time job.
I could have completed this in 60 days, but I bought a lot of auction stuff off e-bay, as the starter bike was a P.O.S.
the cost included but not limited to:
Forks, brakes,rotors, pads, lines,clutch plates
& star spring front and rear rims, gastank,fuel sender,carbs and build parts, filters, fairing, seat, bars and mounts, gages, tire, exhaust, battery, wires, levers, pegs, signals, sidepanels, a lot of supplies....and expensive paint....did I forget anything? oh yeah, new fingertips....and lots of gooooood beer.