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Some good words of advice, I myself have attempted to build authority sites and nearly all of them have gone unfinished, definitely a long a turbulent road. I know most people will not succeed in building an authority site, but will you be posting more info about your journey in getting there?

Like SamLewis said, google keywords tool will give you an idea of the competition for adwords and not the competition from other sites in the SERP's. If you don't see too much competition in the SERP's for your keywords, I'd say go for it. If you want a better tool to give you a better idea...