Plasma cutters are pretty cheap now. If you really need one save and buy it so you can spend you thinkindesigninbuildin time/energy on stuff that ain't been built before.
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Probably not. The hard part of building a plasma cutter is going to be getting the nozzle for the compressed air and the arc just right. Get it wrong and it won't cut it'll just blow holes.
..that and low volts at VERY high current - its an arc when all is said and done.