> the material needed for the knuckles, sleeves and feet etc would probably bring the total near to the cost of a new one.
That's my conclusion 
The aluminium ones struggle to cut the mustard. With the mount and scope mine weighs 28kg and wobbles like a jelly – doesn't help that the scope and counterbalance makes a nice centrally suspended pendulum.
The stainless tripods weigh about 7Kg but are much more rigid.
The alloy design In photo) has two weak points – the central leg is only clamped at the joint – that's what the bit of studding puts right, the other is twist where the legs join the (cast iron) tripod top. My alternative solution is making alloy clamps to replace the plastic mouldings, or simply fixing an alloy spacer at the top of the legs.
Neil