Being a newbie myself, I personally think that would be good, but I do think it should be a locked thread, that was updated by one or more user every so often, that would stop clutter, then people could ask any other questions in their own thread.
This FAQ thread would have to be quite extensive. It would need to cover a large amount of information, from buying tools to practising driving, if it were to become more useful than setting up your own thread, as your own thread is tailored to your own building scheme.
It sounds good on paper.

-Roland