Im learning both C++ and soon ActionScript. Both versions BTW! which led me to a idea...Ive noticed on a lot of sites how people say "I bet I can make a better, new, blah blah blah modification to pivot!"
Let me just say this first!
Once I learn C++ Should I try to make my own freeware app thats similar but better than pivot? Like, make my own app, like pivot, but with out all the limitations? A miniture flash? LOL IDK, but whats your opinion? Remember, Im learning to make games not Animation apps! So, dont COUNT on this happening unless the society wants it. I will easily leave good enough alone..
There has already been created several Pivot-inspired animating programs that are programmed in different languages. Stykz is probably the biggest, not sure what language it's written in though. It's multi-platform compatible though.
@OP: I say go for it man. I'd be interested in what you produce, and even if it ends up not being as good as pivot (or not very good at all) it will still be a good thing to add to your portfolio. That's assuming you are looking at careers in programming.
Good luck with your project, and please PM if you do end up finishing this thing.