Sounds like the start of a decent RP idea sure. It'd be possible, but I'd think you'd need more details and a system for it to work for it to get off the ground as it seems it may be a tad complex. It would need structure, I think is what I'm saying. 

It's not the kind of thing I'd go for, but I'm sure others would indeed. If you really want to do it then go for it, brainstorm all the ideas you'd need and float an interest check. 

Like what is the purpose of the inventions, what are the elements and what kind of ingredients are available to be used? What are the limitations? That kind of thing. Maybe a rough plot that adds some structure or a world that this is set within.