Some people just want the look of having all the gear and aren't as hardcore or advanced riders like others. The most important thing is to know your own riding limits. if you think you can wear knock off boots and not worry about getting hurt, it shouldn't be any issue.
Looks like a nice project to have. It always inspires me and motivates me to try and do a project like that whenever i see like bare bones bikes... I never get around to doing it all though.