I say go for it. I've got one (6.9) in the works that I was planning to go this route on as well. I'll be paying attention.
The key here will be getting the machining done properly. I know it will be $$$ in that regard, but I would expect anyone who could re-sleeve one of these ought to be able to drill and re-tap the head bolt bores properly.
Seems the things I've read about where they had issues were all done by hand with a drill and tap. That may be the problem right there. Not saying it couldn't be done that way by some people but I say get it done properly and no worries.
I have a machining degree, but no (set up) equipment to do it "right". I'm planning on rigging up a fixture, piloted drill that will follow the existing hole, and possibly using a mini drill press clamped to the block - this will cut a lot easier(and straighter if I get it all right) than a hand drill style thing.
I'm sure as heck not going to have someone else do it, cost wise. My plan is really to come up with the fixture and tooling to do it, so once I do it successfully, I can offer that as a service to others.
Also, I spoke with Justin on the subject - he tapped a block out to half inch, but found that with the studs in there you couldn't install the heads over the installed studs.
If you installed the head with two studs(or none, using the alignment sleeve things), and then installed the studs, it worked. (IIRC, he also tightened a stud down to failure, with the stud stretching well before the threads came out of the block.
Personally, I consider that to be 'good enough' - it doesn't take much of an angle for a 5" stud to be 1/8" off at 5" up, enough to cause it to not quite let the head slide down... but that same small angle would be just fine strength wise.