Great idea. I've done a couple of marching snare conversions with great success. It's pretty easy to do yourself, if you take your time.
Here's my thoughts:
Based on the existing holes, you could cut the shell to get the following depths: 5", 5.5", 6" or 7". Give or take an 1/8" to 1/4".
Removing a re-ring is not difficult, but you need to have patience. I've used a wallpaper steamer to soften up the glue and a putty knife to separate the re-ring from the shell.
If your looking for a deep drum, you could go 7" and 8 double lugs (16 total) might fit. It depends on where the holes end up. Anything smaller and I'd use up to 10 single lugs. Might as well find a Rogers strainer to complete the Rogers look. There's the Swiv-o-matic, Sta-tite and the Bantam strainers. Essentially the bases are the same, it's the face that's different. I'm sure a member would have one for a very reasonable price.
If the heads wouldn't be too tight, I'd wrap it in a nice Glass Glitter to match an existing kit. I just finished restoring a 60's Rogers kit in Silver Glass Glitter and the wrap just pops out at you.
I know you probably want to keep the cost down, but I'd let a professional do the work if you are not comfortable. Precision Drum is a good start.
[INDENT]Shell Cutting - $10
Bearing Edges (per pair) - $41
Snare Beds - $35
Strainer/Butt Plate - $20
Lug Holes (per 2 hole lug) - $3
Remove/Install re-ring - $???[/INDENT]
~$130 for a 5" to 6" - 8 lug drum or ~$136 for a 10 lug drum
~$154 for a 7" - 16 lug drum
*without re-ring installation - guess of $20
Wrap:
Sparkle - $31.50 to $37.50
Glitter - $40 to $49
*you install
Strainer: $40 to $60
So here's the dilemma, how much is too much? A rough minimum cost would be ~$220 for a 5" - 8 lug in sparkle and a maximum would be ~$280 for a 7" - 16 lug in glitter. For ~$100 more, you might be able to get a genuine Rogers 8 lug Holiday/Tower/Powertone.
Hope this information is helpful. I'm not trying to turn you off on the idea, but conversion/reproductions can easily get very expensive, if you don't watch the costs. I'd say find a friend with the proper tools (table saw, a lot of clamps, router) and general woodworking knowledge and do the work yourself. You only have $10 into the shell, so no big loss if something doesn't go as planned.
Good luck and keep us posted.
-Tim