No, it’s not a bad idea to tackle a water pump rebuild. They’re made to be rebuilt and the parts are readily available. Many times all you need is the seal. Impeller and shaft are the expensive parts with the impeller being damaged by the ceramic seal seat breaking loose more often than not. Shaft hardly ever needs replacing.
I’ve got a way to use an impeller with a missing ceramic seat that I need to photograph and post sometime soon. That eliminates the greatest cost of most rebuilds, but if you’re willing to use aftermarket stuff, the cost is pretty reasonable just to buy a new one.