My 2c....the one plus of ordering parts yourself as opposed to getting a kit, is that since it's your first time you're almost guaranteed to do something wrong and damage a passive component at some point, be it installing an electrolytic backwards, smoking a resistor put in the wrong place, breaking a cap or resistor lead, or a host of other possible problems. I certainly have my fair share on everything I do, not just my first project. When you get a kit, they give you exactly the components you need, so if you destroy something you have to order a new part online and wait a week for it to come, which can be very frustrating. For that reason I like to order parts in sort-of bulk (like 5 when i need 2-3) so if (read:when) I destroy something I can just toss it aside and grab a fresh one.
Also, DEFINITELY replace the electrolytic cans. Don't leave those to smoke and stink up your house.
My first project was an integrated amp (pilot 245a) and everything sounds better when it was restored with your own hands. If you go slow and are very careful, this is definitely a project you can tackle.