Well as long as you think it's worth it, then go for it But you can always do the SEO work for it, why not try it? You can learn a lot from this forum.
I wouldn't unless you plan to add some original content to it. Duplicate content sites do not last long and unless you have a great way to make the quick buck, I do not see a quick recovery of that money. JMO
@allout All the sms sites have duplicate content because text messages is same everywhere so i dont think its big problem
Actually allout, he's already off to a good start as it is. Yes, WordPress does have some DC issues out of the box, but they can be taken care of. What djhassoo needs to do now is 301 his index.php "page" to his domain name and then block his archive and tag pages from his robots.txt file, add a sitemap.xml file and remove the trailing slash from the URL to his robots.txt file that WordPress appears to be adding on. Writing some better META tags and engaging content (I never write for search engines, and I always write in a conversational style that allows me to directly interact with the reader) would also help, but as I already said, he's done most of what he needs to do out of the box as it is as far as SEO itself is concerned. At this point I'd focus on actually writing (the amount of content on the page would be far better suited for Twitter than a blog), and then spending that $500 on promoting the site. www.copyblogger.com, www.dailyblogtips.com, www.instigatorblog.com, and www.problogger.net are some resources that I suggest djhassoo read and take to heart. (Though as a Web developer who specializes in usability and accessibility I really suggest changing the contrast of the foreground and background colors - they make the text hard to read and can turn visitors away in droves if not handled properly.)