I had this idea a while back, and even began putting together a list of the parts needed to do it as well. Biggest things are the fender (duh) and struts. The rest is just small stuff.
Like you said though RockinRed, hard part would be matching the paint/texture. I've got a local painter that can match damn near anything and he does metal work too. It's an idea I still entertain, and I plan to talk with him about it. Also, Gunslingers Custom Paint (they paint for HD) is about 70 minutes north of me. They've done some work for me before, and I would bet they could do it too - I plan to talk with them at the big swap meet in Denver this winter.
Then of course...it comes down to the money factor....is the cost worth it? Not a lot of value in our stock fenders since they're only going to fit our bike if we try to sell them to recoup the cost. Decisions decisions....