Personally I think rebirthing is a great idea and I am planning on doing the same thing at some stage with a Bally Lost world cabinet ( and Harlem Globetrotters headbox ) that I have.

I know some purists may scoff at the idea, but I think its a cheaper way of owning a highly desirable pin.

As Nino said you will have to get a new backglass and playfield and that will be expensive unless you come across a good playfield that has everything on it already( good Kiss p/Fields dont come up all that often, even a worn one with all the wiring and targets etc will probably still cost $400 - $700) .

Good thing about Kiss is there is heaps of repro stuff available, as far as the MPU is concerned just get an Altek Mpu which will run any Bally / Stern game and sell the Bally Mpu for maybe $100 if working.
Get friendly with someone who has a Kiss and they might let you borrow the lamp board to copy.

And yeah, if you ever sell it dont forget to tell them it aint original.