You're not the first person to make an outboard device from an onboard preamp. Ty Tabor (guitarist from King's X) pulled the preamp system from an old Fender guitar and put it in a rackmount box, and used it as you would use any preamp.
Before you get into that, look at what you want to use it for. Is it just to boost the signal? If so, you might be better served by a clean boost pedal, like Seymour Duncan's pickup booster, or one of the other clean boosts (I mentioned the Duncan coz it's cheap and sounds good).
Of course, if you wanna do this coz you like the DIY route, by all means, fire up the iron and have at it

A guy over on the Duncan forum made an awesome 3 channel rackmounted preamp out of something like a Mesa Boogie V-Twin, an Ibanez Tube Screamer and a Duncan pup booster.
Before you concern yourself with True Bypass, check out Pete Cornish's opinion on it:
http://www.petecornish.co.uk/case_ag...ue_bypass.html