I'm not sure what you're asking, so . . . feel free to elaborate
How do you define success? As far as profitability is concerned, it takes a lot of work and social networking to make a website sufficiently profitable. However, if you define success (as I do) as creating something that works sufficiently enough to please a handful of people who appreciate it, then you should have no trouble. Generating dynamic content from syndicated feeds is a relative breeze and the result is an informative, fresh website -- as opposed to a flat, stagnating cob-web haven.
That said, if you're going to be writing the system to handle this yourself you should decide before you start whether you want to control the feeds exclusively or if you want to make it possible for users to customize their own accounts -- as adding customization after completing a singular implementation would surely be a big hastle, taking as much time as the original project. Also keep caching in mind -- for the sake of your own machine, sure, but more importantly the websites you'll be drawing the feeds from. It'll speed things up drastically as well as prevent over-drawing from the blogs/news you're getting your data from.
A side note, where procastination is concerned, you're not doing too bad. I have a friend who nabbed a domain name/hosting something like 5 years ago or more -- with every intent of doing something with it. To this day, it's just used for e-mail.
