Encrypting user-specific hash?
No it is not a good idea as a password cannot be directly used as a key. You would need a PBKDF (password based key derivation function) with a salt and work factor to create a reasonably secure key out of a password. But that leaves us with a problem: you are trying to create exactly such a function - password hashes and PBKDF's are largely synonymous.

If you do not derive a key correctly then the decryption may leak information by which you can retrieve your password even without going through the iterations. If padding oracles apply during decryption in your scheme then the resulting implementation would be very weak, to name just one issue.

The salt does not require confidentiality in PBKDF schemes, so encrypting it should not disallow any attack.