Do it! you can bend/drill out your own 80% receiver, and not have to deal with any FFL or paperwork.
It can be an expensive undertaking if you don't have the equipment though. (shop press, drill press, jigs, welder, dremel, etc) There are many steps to completion as well. How good are you at bending/drilling sheet metal, heat treating, welding, filing, grinding, riveting, pressing parts together, head spacing, and painting? If you start from a parts kit, you will also need to figure out how to remove the old rivets and barrel/trunnion parts.
I did an AMD-65 over the winter and couldn't be happier with the results. It was very rewarding. Overall, I would say that it was more time consuming and expensive than difficult. Parts are becoming hard to find as well.
I too live in western NY and would be happy to lend you any help or tools.
Here is a great tutorial that guided me through my first build.