Wait a minute, either my Math is off our yours: Nine letters do not work out as nine separate ligatures, more like four and a half. ;)

Ideally you should probably strive to end up with a lot less ligatures than that, that is unless you don't need the mark to be legible at all. Ligatures are neither always appropriate nor possible, as certain letter combinations resist attempts at (*ahem*) ligaturization in a most stubborn manner. Maybe you could single out one or two interesting letter combinations in your mark and see how you go.

Anyway, if you really do feel your idea could end up producing a great result, then don't waste time: get to it

oh man...I am afraid I made a confusing statement.
What I meant to say: I was thinking of creating
9 new LETTERS (which consists of the company name)

So to clarify: create 9 letters from original
inspiration. Too ambitious? Too much time? Or
just plasible?

double post. ignore

Sure its possible. Many typefaces start out as word shape sketches. When you are designing a logo, you have much more freedom than in a typeface. For instance, in the word Typophile, the letter T will only be followed by the letter y, o by p, and so on. In a typeface, the letter T must be able to be followed by 255 other characters.

Of course, what style you want to use, plus what materials you will be using (and your skill with them) will determine the time needed.

What is the company name?