I did some quick scrap paper math before I purchased my first machine since I was thinking about this very thing.
And yep, the cost of the individual components plus any scraps you can find would far exceed the cost of an individual machine. You can spend around $500-$1200 on the transformer/PSU and boards alone, depending upon the machine.
Then there are the display(s) at about $200 each (which can get costly for 4-player numeric games), the backglass ($50-$250), the playfield ($25-$1500, depending on condition, NOS, repro, etc), the cabinet ($25-$500, depending on condition or built new), $300 for decals/stencils, $60 for legs, $100-$200 for coin door, $50 for shooter assembly, flipper assemblies $40-$75 each, ramps about $75-$200 each, set of plastics $60-$300...
I figure you'd be up to around $2000 at that point, on average, and that's without getting very much into the playfield parts.