That sounds great, 'til you try to locate a good used one within 500-700 miles. So, realistically, it's either I build one, or buy a new one, and a new one aint in the budget.
I understand your predicament, Being in OK I had the same problem. I had to drive 500 miles to pick a good used dredge. You will still be money ahead if you can take a weekend and drive to pick one up after taking to a seller and getting lots of picts and opinions from members here. If you know exactly what you are doing, you can build one because you know how they are supposed to be built, assembled, operated and function.
You need the right engine and pump to have the proper gallons and pressure for the size of dredge you want.
you need the frame to be strong enough to withstand the abuse and vibration it will enounter
you need enough flotation to deal with river current without turtling your dredge
you need the proper length, width, and depth of sluice for the water and gravel moving through it, and you need the right type of sluice bed for your gold type
you need a properly designed steel jet log (if using a jet), otherwise you are wasting engine and pump power without moving water and material
you need a quality flare between the jet and the sluice, because this will take a lot of abuse.
you need the right hoses or you will be spending all your time dealing with jambs (wrong hose design), hose tears (too flimsy) or fighting an immovable hose (too thick)
if you want air (and trust me, you do!) you need to have a quality oilless pump AND have figured out mounting, belt route and shaft pulley mounting, then you need air hoses, resevior and an LP scuba regulator
don't even think about building until you have all of this figured out. PVC has NO PLACE in a dredge. It is far, far too fragile to be beaten around by gravel and boulders.
I'm not trying to belittle or discourage you here, I'm trying to help you out. The vast majority of us have no choice but to buy much of this stuff from professional builders. LOTS of people have decided they wanted to build a dredge only spend a lot of time and a lot of money to make something that didn't really work. By the time they got everything rebuilt and rebuilt until it worked they had spent more money than just going out to buy one and probably wasted more than a year.
If you are going to build your own, I wish you luck. Look up Reed Lukens videos on youtube, he has some fantastic advice on building.