From the criminal/prohibited persons/Boogaloo/John Brown perspective, no.
But for the hobby machinist with skills and equipment that exceed a drill press and a router, it makes sense as a project for someone who isn't interested in building bird houses or tiny ships inside bottles.
The raw forgings at one time could be purchased for around $20 and the files have been readily available for years. One guy that I know ruined 3 forgings before getting it right. When it's all said and done, you've got a soft aluminum receiver that hasn't been type 3 hard coat anodized, and it's cost prohibitive to have it anodized properly unless you're doing a bunch, so you're left with rattle can which isn't very tough, cerakote, or moly resin.
"One guy that I know ruined 3 forgings before getting it right."
Doing a 0% does give you a lot of chances to drop the ball :-), especially on manual equipment. You are always one handwheel revolution away from scrapping it. I get a little nervous on the last few steps ... 'Please, Lord, don't let me eff up this far along' :-). That's one of the reasons I think guns are kinda fun ... there are a whole lot of operations on one piece, relative to a steam engine kit or something. [1]
"When it's all said and done, you've got a soft aluminum receiver that hasn't been type 3 hard coat anodized, and it's cost prohibitive to have it anodized properly unless you're doing a bunch, so you're left with rattle can which isn't very tough, cerakote, or moly resin."
FWIW, I've had good luck with 'VHT' epoxy paint from auto parts stores. It looks the same as commercial anodizing, and for my not-an-operator use it doesn't wear.
I'm think you can DIY hard anodize; it's the same setup, chemicals, etc, except different temps and acid concentrations. The scuttlebutt I hear is it's easy to get a suitable wear resistant finish when hardcoating, but it's hard to get an attractive one; they tend to be blotchy. But mind you, I haven't tried myself - I don't want to have buckets of acids setting around to do one every few years, and the epoxy paint has worked fine for me. I think you also have to allow for the coating thickness when sizing pin holes and so on.
[1]Had an Uncle who was a tool and die maker, back in the days before CNC and EDM ... dies were a lot more expensive than now. As in, more than his house was worth. He'd get one in for repair, with instructions 'grind .0003 off top surface' or something. He said you might wait a couple of days until you were having a particularly switched on morning before doing that job.
I've not heard this mentioned--that a guy might buy an 80% receiver that was defective. Then regardless of his skill, he would end up with a poorly functioning unit. He might discover that warranty would be a joke. I once followed the writing of a respected but now deceased armorer(known by many here. Somebody help me with this gentleman's name). I learned that the apparently simple AR design invites many to build them and add this crappy part or that other after market item. Often they end up with an unreliable rifle. I shoot dirt clods, rocks, and stumps. I won't live long enough to discover that my hybrid AR is a piece of shit. If somebody went to war with it, he might learn that his rifle failed the test.
I understand why a tinkerer might experiment with an 80% receiver but can't see that a knowledgeable shooter would use a rifle put together with one.
A guy I know did some DIY anodizing of car parts he'd fabricated. Came out looking good to my eyes. Better than stuff that got made by/for PSA before it went on the blem sale rack, for whatever that's worth.
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Not another dime.