I can vouch that building a Hackintosh to run Logic is indeed a great way to go. I have just completed my setup and its all working 100% with Logic 8.0 and Abletons.
Only owes me around $400-500 NZD which is pretty decent compared to the prices I had for a G5. I am only running onboard Audio for now but that will do until I get a firewire interface.
Good luck with your project. If I can recommend one thing, read as much as you can before you buy any gear so you know the pitfalls of certain hardware. Everything you need to know is in these Forums to help you.
Oh and remember to tell us how you get on