can/has it been done?? home made headliner...

I had my old one recovered by a friend that does interiors for $0. He used a modern foam backed black cloth that has tiny lines in it. I think it came out great as is a better insulator. I also insulated the roof with reflective foil sound deadener.

The second one I did myself (different car) using 3M headliner spray glue, and foam backed material off of EBAY. The only hard part was removing all the loose foam from the old cardboard and fixing the corners which had water damage. 6 years later it still looks fantastic. So don't be afraid to tackle this job. You can do it!