I have thought about making my own cooler as well, but have not decided on my approach to the project yet. My main decision was due to the fact I can't justify the cash for a Yeti, Yukon or Canyon cooler. I can buy a lot of ice for what those models cost.
I am a little surprised that one of the cheaper cooler manufacturers haven't come out with a higher performance cooler (with a higher price tag) to expand their market a little more. They could use an existing mold of either the inside or outside (choose one) and add more insulation, a few bells and whistles and they could produce a nice cooler for probably 50 or 60 bucks retail. I think that quite a few people would buy one at that price point, as opposed to hundreds of dollars for the high end coolers.
And if any cooler manufacturers are lurking out there, here is my wish list.
1. Insulation- it's what makes a good cooler and it's not that expensive, so don't skrimp here. 1 1/2 to 2" on the sides and bottom, 2 - 3" for the top.
2. Feet on the bottom- at least 1/2" high to keep the bottom from sitting directly on hot ground.
3. Weatherstrip around the lid.
4. Decent handles, hinges and latch.
5. A price that is affordable enough for the average Joe to buy one. This is where a I have a problem with the premium coolers, but maybe that's just me. After all, a Ford and a Ferrari are both transportation, but the Ferrari is a premium, high performance, low production automobile. (If my ship ever comes in, I can carry my Yeti in my Ferrari)
In the meantime, I'm back to thinking about making my own. I'm thinking pretty much along the lines you are, except I'm considering bending up a sheet metal exterior. I've also considered using Reflectix insulation (it looks like shiny bubble wrap) and alternating layers of it and styrofoam. I don't know if it would work any better than plain styrofoam by itself. Some testing both ways may shed some light on what would work best.