DIY Bed "Frame": The Plan

I've got quite a big project up my sleeve, and really itching to get it started! I've had the idea of reupholstering a box spring for years now (I don't know why they always make them so ugly...) but I haven't bit the bullet yet - it's pretty intimidating. But after lots of research and years of brainstorming, I think I'm finally ready!
We plan to reupholster the box spring, make legs (instead of metal frame), and make a headboard!

Here's some pictures of kind of what we're going off of...

 1, 2, 3

Here's the plan...
  - buy drop cloth
  - buy plywood
  - buy foam & batten
  - buy 4x4 wood (for legs)
  - buy 2x4 wood (reinforce box spring)
  - wash & dye fabric
  - cut fabric to size
  - cut plywood to size & shape
  - cover plywood with foam, batten & fabric
  - add upholstery tacks
  - reinforce box spring
  - add batten & fabric to box spring
  - cut & stain legs
  - add legs to box spring

It's going to be quite the project - but I'm pretty sure we will feel like real adults with a nice bed frame (without the cost of a nice bed frame $$$$$)! Woohoo!
Hopefully I'll have some pictures of the process, but I'll definitely be back with an update of how everything is coming along!

Wish us luck!